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Asia begins the final trading week of 2024 with a focus on the monthly 'China data dump' and central bank decisions, including a likely rate cut from the Federal Reserve. Investors remain optimistic amid easing monetary policies, while the Bank of Japan may consider a rate hike following positive business surveys. Key Chinese economic indicators, including industrial production and retail sales, are set to be released, alongside concerns over the South Korean won following President Yoon Suk Yeol's impeachment.
South Korea's efforts to regulate cryptocurrencies have stalled amid political turmoil following a martial law declaration and impeachment proceedings against President Yoon Suk Yeol. The National Assembly has postponed discussions on key crypto bills until at least mid-2025, leaving the industry in uncertainty and raising concerns about the country's competitiveness in digital finance. Meanwhile, Bitcoin prices plummeted by 30% following the martial law announcement, reflecting the market's volatility amid ongoing instability.
European markets are poised for a flat to lower start, with the U.K.’s FTSE 100 expected to open 5 points lower and Germany’s DAX down 7 points. Traders are closely monitoring geopolitical developments in the Middle East following the ousting of Syrian President Bashar al-Assad, while U.S. stock futures remain stable ahead of key inflation data due Wednesday.
Syrian President Bashar al-Assad has resigned and fled the country as rebel forces successfully seized Damascus, marking a significant shift in the ongoing conflict. Meanwhile, South Korean prosecutors have launched an investigation into President Yoon Suk Yeol for treason and abuse of power following a failed coup. In other news, the EU has finalized a major trade deal with four South American nations, and a US appeals court has upheld a law that could force TikTok's owner, ByteDance, to sell the platform or face a ban next year.
Syria's President Bashar Al-Assad has fled to Russia, marking the end of 50 years of his family's rule as rebel forces advance towards Damascus. Meanwhile, South Korea's President Yoon Seok Yeol survived an impeachment vote, and a U.S. court upheld a law requiring TikTok's sale. Despite geopolitical turmoil, U.S. markets reached new records, with traders anticipating a Federal Reserve rate cut that could boost market performance.
Asia-Pacific markets opened mixed as investors reacted to Japan's revised GDP and awaited China's inflation data. Japan's Nikkei 225 rose 0.5% following a GDP revision to 0.3%, while South Korea's Kospi fell 1.6% amid political turmoil. In the U.S., the S&P 500 and Nasdaq reached record highs, buoyed by positive jobs data, while the Dow slipped 0.28%.
South Korean President Yoon Suk-yeol survived an impeachment motion after his ruling party boycotted the vote, which was triggered by his recent attempt to impose martial law. The opposition plans to revisit the measure, while Yoon has pledged not to attempt martial law again, apologizing for the incident. Amid political turmoil, South Korea's financial markets remain volatile, with warnings of potential impacts on the Korean won.
South Korean President Yoon Suk Yeol faces an impeachment vote that remains unresolved as the opposition seeks to rally support from ruling party members. The opposition needs eight votes to proceed, but a boycott by the People Power Party has stalled the process, leaving Yoon's fate uncertain after a controversial martial law declaration.
South Korea's parliament narrowly rejected a motion to investigate First Lady Kim Keon Hee over alleged stock manipulation and election interference, with 102 lawmakers voting against the bill. This comes amid rising tensions as protests erupt in Seoul ahead of impeachment proceedings against President Yoon Suk Yeol, whose popularity has been affected by his wife's controversial actions, including accepting an expensive designer handbag criticized as a bribe.
South Korean President Yoon Suk Yeol's brief declaration of martial law on December 3, aimed at curbing political dissent, was swiftly overturned by parliament the next day amid widespread protests. The incident has raised concerns over potential impeachment proceedings and political instability, reminiscent of past crises in the country. While the KOSPI Index has dropped over 2%, analysts suggest the market impact may be temporary, with opportunities for tactical investments in Korean bonds and equities.
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China data dump and central bank decisions shape Asian market outlook
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22:50 15.12.2024
south korea pauses crypto regulation amid political turmoil and martial law
13:11 11.12.2024
European Markets Set for Flat to Lower Opening Amid Geopolitical Concerns
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Syrian Rebels Overthrow Assad as South Korean President Faces Treason Investigation
06:00 09.12.2024
Geopolitical Turmoil Escalates as Assad Flees and South Korea Faces Impeachment
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02:53 09.12.2024
Asia-Pacific Markets Mixed as Japan GDP Revised and China Inflation Data Looms
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00:54 09.12.2024
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13:42 07.12.2024
South Korea Impeachment Vote Stalled Amid Ruling Party Boycott and Standoff
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South Korean Lawmakers Reject Investigation into First Lady's Stock Dealings
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South Korea's Martial Law Declaration Sparks Protests and Political Turmoil
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09:37 06.12.2024
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