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Asia-Pacific markets traded mixed on Thursday, shrugging off global political turmoil, as investors monitored the situation in South Korea and France. Just a day after South Korean President Yoon Suk Yeol declared martial law, lawmakers filed a motion to impeach him. Yoon’s ruling party plans to oppose the motion, which is set for a vote on Saturday.
South Korea’s market opened higher but lost momentum, with the Kospi falling 0.90% to 2,441.85 and the Kosdaq down 0.92% at 670.94. In contrast, Australia’s S&P/ASX 200 added 0.1% to finish at 8,471.10, while Japan’s Nikkei 225 jumped 0.30% to 39,395.60.
Investors may now attach a higher political risk premium to South Korea in the long term, according to Alex Smith, head of equities investment specialist at abrdn. The Bank of Korea and finance ministry have promised liquidity support, helping to calm markets, but the political uncertainty adds to concerns over the economy’s exposure to potential “punitive trade actions” from the US administration.
Meanwhile, bitcoin surged and crossed the $100,000 mark, hitting a record of $103,844. The tech-heavy Nasdaq Composite and S&P 500 both hit all-time highs in the US, with the Dow Jones Industrial Average advancing 0.69% to 45,014.04.
Investors are awaiting the US November unemployment report, due Friday, which will provide insights into the Federal Reserve’s future policy moves. Markets are pricing in a roughly 78% chance of a quarter percentage point rate cut by the Federal Open Market Committee in two weeks.
