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What's Affecting Markets Today
South Korean markets opened sharply lower on Wednesday amid political turmoil that saw President Yoon Suk Yeol briefly impose and then rescind martial law. The Kospi fell 1.8%, while the Kosdaq dropped 2.3%, with volatility heightened by news of potential government interventions to stabilize markets.
The Bank of Korea convened an emergency meeting, pledging to boost short-term liquidity, stabilize the FX market, and provide special loans as needed. Separately, the Financial Services Commission indicated readiness to deploy a 10 trillion won ($7.07 billion) stock market stabilization fund, according to Yonhap News Agency. Dealers also reported suspected U.S. dollar sales by foreign exchange authorities to curb the Korean won’s depreciation.
Political tensions escalated, with the opposition Democratic Party threatening impeachment proceedings against Yoon unless he steps down. Yoon’s senior staff reportedly offered mass resignations.
Asia-Pacific markets were mixed. Japan’s Nikkei 225 fell 0.4%, and the Topix lost 0.6%, while Hong Kong’s Hang Seng rose 0.2%. Mainland China’s CSI 300 dipped 0.3%. Investors also weighed weaker-than-expected Australian GDP data.
ASX Stocks
ASX 200 - 8,462.2 (-0.40%)
Key Highlights:
Australian shares retreated Wednesday afternoon, with the S&P/ASX 200 Index declining 0.5% (38 points) to 8457.2 by late afternoon, following a record close on Tuesday and mixed Wall Street performance.
The real estate sector led losses, with Goodman Group falling 3.4% after Citi re-offered a $1.9 billion block trade. Scentre Group and Stockland dropped 1.9% and 1.8%, respectively. Utilities were also weaker, as APA slid 3.3% and Origin Energy lost 1%.
Australia’s GDP rose 0.3% in Q3, below the 0.4% forecast, with annual growth at 0.8%, missing expectations of 1.1%. The Australian dollar fell 1% to US64¢.
Global markets saw mixed reactions. The S&P 500 hit its 55th record high in 2024, while South Korea faced market turbulence following and later rescinding President Yoon Suk Yeol’s martial law declaration.
Highlights included Pro Medicus rising 3% after founders committed to holding shares, SG Fleet gaining 3% on a $1.4 billion acquisition, and Rio Tinto securing a $614 million joint venture for the Winu project.
Leaders
BVS Bravura Solutions Ltd (+16.31%)
GQG GQG Partners Inc (+5.50%)
LYC Lynas Rare Earths Ltd (+5.02%)
GYG Guzman y Gomez Ltd (+4.62%)
DBI Dalrymple Bay Infrastructure Ltd (+3.80%)
Laggards
NEU Neuren Pharmaceuticals Ltd (-4.22%)
FBU Fletcher Building Ltd (-4.00%)
MIN Mineral Resources Ltd (-3.90%)
AUB AUB Group Ltd (-3.69%)
CRN Coronado Global Resources Inc (-3.61%)
