What's Affecting Markets Today
South Korea’s Kospi stock index fell 2.3% on Monday, while the Kosdaq plunged 4.1%, as political turmoil roiled investor confidence following President Yoon Suk Yeol’s survival of an impeachment vote over the weekend. The fallout from Yoon’s brief declaration of martial law has deepened, with prosecutors naming him a subject of a criminal investigation for alleged treason and abuse of power. The People Power Party boycotted the vote, but its leader has indicated Yoon may step down.
Elsewhere in Asia, markets presented a mixed performance. Japan’s Nikkei 225 gained 0.3% and the Topix rose 0.4%, buoyed by revised Q3 GDP growth of 0.3%, exceeding expectations. Hong Kong’s Hang Seng index traded flat, while China’s CSI 300 edged up 0.3% amid weaker-than-expected November inflation data.
In the U.S., the S&P 500 rose 0.25% to 6,090.27, and the Nasdaq advanced 0.81%, closing at 19,859.77, driven by Tesla and Amazon. Meanwhile, the Dow Jones dipped 0.28% to 44,642.52, capping a mixed week for equities.
ASX Stocks
ASX 200 - 8,406.1 (-0.20%)
Key Highlights:
The S&P/ASX 200 Index dropped 0.3% on Monday, declining 21.9 points to 8399 by mid afternoon, as energy and mining stocks led the downturn amid softer commodity prices. The Australian dollar hovered near a one-year low, briefly dipping below US64¢.
Energy was the worst-performing sector, tracking weaker oil prices. Brent crude fell to around $US71 a barrel after Saudi Arabia lowered its crude prices for Asia more than expected. Woodside Energy slid 1.3%, and Santos dropped 1.2%. Mining stocks also declined as iron ore prices in Singapore slipped over 1% before partial recovery. Fortescue Metals lost 1.4%, while BHP and Rio Tinto edged lower.
Key developments included ANZ appointing Nuno Matos as CEO, succeeding Shayne Elliot in July; shares fell 3%. Platinum Asset Management plunged 14.8% as Regal ceased buyout talks. Life360 tumbled 8.4% due to index inclusion concerns, while GQG Partners jumped 6.7% on increased funds under management. Superloop rose 1.1% after announcing its $17.5 million acquisition of Uecomm from Optus.
Leaders
TUA Tuas Ltd (+6.09%)
GQG GQG Partners Inc (+6.01%)
GMG Goodman Group (+3.79%)
CU6 Clarity Pharmaceuticals Ltd (+2.54%)
AIA Auckland International Airport Ltd (+2.45%)
Laggards
360 LIFE360 Inc (-8.22%)
RSG Resolute Mining Ltd (-6.40%)
AAI Alcoa Corporation (-6.35%)
BPT Beach Energy Ltd (-5.17%)
PYC PYC Therapeutics Ltd (-4.38%)
