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South Korea's acting President Han Duck-soo has announced emergency measures to support businesses impacted by new US tariffs, which impose a 25% rate on South Korean exports. Concerns are rising over the potential effects on the export-driven economy, particularly in key sectors like automobiles and electronics. The KOSPI index dropped 2.7%, prompting the finance minister to indicate that authorities are prepared to stabilize financial markets if needed.
South Korea's Stock Exchange chairman, Jeong Eun-bo, announced plans to explore crypto-based ETFs in 2025 as part of a strategy to enhance market value amid ongoing economic challenges. Despite a ban on crypto ETFs since 2017, recent discussions by the Financial Services Commission indicate a potential regulatory shift influenced by the success of overseas crypto products. However, new regulations are currently stalled due to a political crisis following the impeachment of President Yoon Suk Yeol.
The S&P 500 is on track for its first gain since Christmas, rising 1.1% in afternoon trading, driven by Nvidia's 4.5% increase. Despite a recent pullback, concerns about inflation and high stock prices persist, while U.S. Steel fell 5.6% after a blocked acquisition. Global markets reacted variably, with South Korea's Kospi gaining 1.8% amid political instability.
South Korean President Yoon Suk Yeol, recently removed from office, vowed to "fight to the end" against what he termed "anti-state forces" as authorities prepared to execute an arrest warrant for him. The warrant follows his refusal to cooperate with an investigation into his brief seizure of power, which has led to political turmoil and a pending decision from the Constitutional Court on his impeachment. Amid heavy police presence, Yoon's supporters gathered outside his residence, while his lawyers challenged the legality of the arrest warrant.
South Korean officials are urging calm in financial markets following a recent martial-law controversy involving President Yoon Suk Yeol, which has raised concerns about the nation's creditworthiness. Despite the turmoil, the Finance Ministry reported limited market impact and pledged to monitor conditions closely, especially with uncertainties surrounding the incoming U.S. administration. The opposition is preparing to impeach Yoon, who faces significant political challenges ahead.
South Korea is set to enhance its monitoring of financial markets in response to Donald Trump's return to the presidency. Finance Minister Choi Sang-mok announced that the government will actively manage risks by expanding its around-the-clock surveillance of global events, including conflicts in the Mideast and fluctuations in financial and foreign exchange markets.
Choi Sang-mok
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