Political turmoil sends South Korean markets sliding
Wall Street Breakfast
Seeking Alpha
4.1 • 1K Ratings
🗓️ 4 December 2024
⏱️ 7 minutes
🧾️ Download transcript
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Transcript
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| 0:00.0 | Welcome to Seeking Alpha's Wall Street Breakfast, where we cover the top news for investors every morning. |
| 0:08.0 | Good morning. Today is Wednesday, December 4th. I'm Julie Morgan. South Korean stocks are under pressure. |
| 0:15.1 | Are the CEO of META and the President-elect friends now? And Salesforce is up double digits pre-market. |
| 0:23.6 | South Korean stocks came under pressure on Wednesday after opposition parties submitted a |
| 0:28.6 | motion to impeach the president of South Korea over his short-lived declaration of martial |
| 0:34.5 | law. |
| 0:35.2 | The benchmark Cosby Index fell as much as 2.3% and the COSDAX slid 2%. |
| 0:41.4 | Seoul listed shares of Samsung Electronics, the country's largest company, dropped 3% before recovering |
| 0:48.1 | slightly to close 1.1% lower. Battery maker LG Energy solution and and automaker Honda Motor fell over 2% each. |
| 0:57.7 | South Korea's parliament, with 190 of his 300 members present, passed a motion early on |
| 1:03.6 | Wednesday to lift the martial law that was declared Tuesday night. The Speaker of Parliament |
| 1:08.3 | declared the martial law announcement invalid. South Korea's |
| 1:12.0 | wand slowly started recovering on Wednesday a day after falling dramatically against the U.S. |
| 1:18.0 | dollar on the President's surprise declaration. The martial law announcement triggered widespread |
| 1:23.2 | protest and a political standoff as lawmakers opposed the move, escalating tensions in Asia's |
| 1:29.4 | third largest economy. In response, South Korea's finance ministry assured markets of its readiness |
| 1:35.3 | to inject unlimited liquidity to ensure stability if required. Meta CEO Mark Zuckerberg is seeking |
| 1:43.3 | an active role in tech policy discussions with the |
| 1:46.7 | incoming U.S. administration indicating that relations between the executive and president-elect |
| 1:52.3 | Donald Trump may be improving. |
| 1:54.8 | Meta's global affairs president told the media that Zuckerberg is keen to play an active role |
| 2:00.3 | in the debates that any administration |
... |
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