The Japan Times - Seoul stocks weaken, Paris advances despite political turmoil

EUR -
AED 4.02547
AFN 78.958383
ALL 99.102869
AMD 431.181955
ANG 1.961978
AOA 1003.890567
ARS 1184.765046
AUD 1.813586
AWG 1.97271
AZN 1.867466
BAM 1.955265
BBD 2.22659
BDT 133.983319
BGN 1.955265
BHD 0.412787
BIF 3277.602688
BMD 1.09595
BND 1.474296
BOB 7.619914
BRL 6.405394
BSD 1.102698
BTN 94.079244
BWP 15.358795
BYN 3.608812
BYR 21480.619234
BZD 2.215094
CAD 1.559263
CDF 3148.664634
CHF 0.944431
CLF 0.02729
CLP 1047.223301
CNY 7.980215
CNH 7.994999
COP 4582.945323
CRC 557.847278
CUC 1.09595
CUP 29.042674
CVE 110.234821
CZK 25.256829
DJF 196.376238
DKK 7.461451
DOP 69.640934
DZD 146.03502
EGP 55.406831
ERN 16.439249
ETB 145.347308
FJD 2.537019
FKP 0.847795
GBP 0.850992
GEL 3.01429
GGP 0.847795
GHS 16.970527
GIP 0.847795
GMD 78.997119
GNF 9480.074229
GTQ 8.45127
GYD 228.536272
HKD 8.520633
HNL 28.038338
HRK 7.531044
HTG 143.530764
HUF 404.54591
IDR 18346.949665
ILS 4.100568
IMP 0.847795
INR 93.650132
IQD 1430.891791
IRR 46360.405806
ISK 144.204462
JEP 0.847795
JMD 172.42419
JOD 0.777072
JPY 161.061946
KES 141.527433
KGS 95.002298
KHR 4365.330633
KMF 489.529208
KPW 986.361205
KRW 1599.015607
KWD 0.337157
KYD 0.910826
KZT 556.162432
LAK 23685.841231
LBP 98372.711411
LKR 324.07413
LRD 218.985421
LSL 20.902803
LTL 3.236056
LVL 0.66293
LYD 5.289988
MAD 10.429326
MDL 19.551233
MGA 5069.578931
MKD 61.05679
MMK 2300.919896
MNT 3846.361639
MOP 8.775473
MRU 43.593447
MUR 49.000806
MVR 16.923331
MWK 1897.317993
MXN 22.386696
MYR 4.861215
MZN 70.003894
NAD 20.902803
NGN 1681.066767
NIO 40.290501
NOK 11.790932
NPR 149.910449
NZD 1.95777
OMR 0.421946
PAB 1.09595
PEN 4.037053
PGK 4.46999
PHP 62.764717
PKR 306.904853
PLN 4.245513
PYG 8757.469729
QAR 3.989667
RON 4.952931
RSD 116.586887
RUB 93.840941
RWF 1555.449869
SAR 4.110221
SBD 9.312612
SCR 15.97682
SDG 658.021292
SEK 10.947921
SGD 1.470849
SHP 0.861245
SLE 24.933268
SLL 22981.523891
SOS 624.324825
SRD 40.248477
STD 22683.951476
SVC 9.589967
SYP 14249.994157
SZL 20.902803
THB 37.792726
TJS 11.899889
TMT 3.833642
TND 3.357047
TOP 2.638671
TRY 41.641737
TTD 7.422798
TWD 36.332658
TZS 2923.758392
UAH 45.158896
UGX 4009.400205
USD 1.09595
UYU 46.167964
UZS 14171.813622
VES 77.086835
VND 28252.54745
VUV 134.896075
WST 3.078778
XAF 652.705611
XAG 0.037037
XAU 0.000361
XCD 2.966325
XDR 0.817067
XOF 652.705611
XPF 119.331742
YER 269.409315
ZAR 20.929909
ZMK 9864.868719
ZMW 30.636217
ZWL 352.89544
  • RBGPF

    69.0200

    69.02

    +100%

  • SCS

    -0.0600

    10.68

    -0.56%

  • BTI

    -2.0600

    39.86

    -5.17%

  • GSK

    -2.4800

    36.53

    -6.79%

  • CMSC

    0.0300

    22.29

    +0.13%

  • NGG

    -3.4600

    65.93

    -5.25%

  • RELX

    -3.2800

    48.16

    -6.81%

  • RIO

    -3.7600

    54.67

    -6.88%

  • AZN

    -5.4600

    68.46

    -7.98%

  • BP

    -2.9600

    28.38

    -10.43%

  • CMSD

    0.1600

    22.83

    +0.7%

  • BCE

    0.0500

    22.71

    +0.22%

  • JRI

    -0.8600

    11.96

    -7.19%

  • BCC

    0.8100

    95.44

    +0.85%

  • RYCEF

    -1.5500

    8.25

    -18.79%

  • VOD

    -0.8700

    8.5

    -10.24%

Seoul stocks weaken, Paris advances despite political turmoil
Seoul stocks weaken, Paris advances despite political turmoil / Photo: Anthony WALLACE - AFP

Seoul stocks weaken, Paris advances despite political turmoil

South Korea's stock market fell less than feared Wednesday and the won rebounded from earlier losses after President Yoon Suk Yeol swiftly reversed a decision to impose martial law.

Text size:

In Europe, Paris stocks managed to advance while the euro dipped as France's government faced no-confidence votes later in the day that could spell the end of the administration of Prime Minister Michel Barnier.

Oil prices turned lower after surging around 2.5 percent Tuesday mainly after the United States sanctioned 35 companies and ships it accused of involvement with Iran's "shadow fleet" illicitly selling Iranian oil to foreign markets.

Major producers at the OPEC+ grouping led by Saudi Arabia and Russia were set to meet Thursday to discuss extending output limits.

"Political turmoil in both France and South Korea provide a uncertain backdrop for global markets, with the likely removal of both Barnier and Yoon bringing the potential for both countries to find a fresh direction," said Joshua Mahony, chief market analyst at Scope Markets.

Yoon plunged South Korea into political chaos by imposing martial law and ordering troops and helicopters to parliament, before being forced into a U-turn.

It was the first time in more than four decades that martial law was in force in the country of 52 million people.

The suspension of civilian rule was to "safeguard a liberal South Korea from the threats posed by North Korea's communist forces and to eliminate anti-state elements plundering people's freedom and happiness", Yoon said.

Seoul's Kospi stocks index ended down more than one percent, having shed as much as 2.3 percent at the open.

South Koreans took to the streets in mass protest and the nation's largest umbrella labour union called an "indefinite general strike" until Yoon resigned.

The won tumbled more than three percent to a two-year low of 1,444 per dollar after the declaration, then bounced back to around 1,414 following the U-turn.

Thomas Mathews, head of Asia-Pacific markets at Capital Economics, said the losses could have been "much worse" had the president not aborted his plan.

"Rarely does a combined sell-off in a country's stocks, bonds and currency feel like a relief rally," he said.

"Investors now 'only' have to worry about a period of significant political uncertainty," said Mathews, as South Korea's finance ministry and central bank looked to provide stability and reassure markets.

"From a macro perspective, South Korea was already one of the more vulnerable countries to the impact of Trump's proposed tariffs," said analyst Michael Wan at financial group MUFG.

"This recent development could raise some further risk premium on the currency at least until we get clarity on political stability."

The losses in Seoul came on a mixed day for Asia stock markets.

In Europe, London fell while Frankfurt advanced to hit another record high after ending Tuesday above 20,000 points for the first time.

Wall Street pushed higher, with the major indices pushing further into record territory.

Salesforce shares jumped over eight percent after the business software firm released earnings and discussed its AI plans.

The market's "focus is on the good vibes flowing out of Salesforce's earnings report and commentary," said market analyst Patrick O'Hare at Briefing.com.

- Key figures around 1630 GMT -

New York - Dow: UP 0.6 percent at 44,959.76 points

New York - S&P 500: UP 0.4 percent at 6,074.19

New York - Nasdaq Composite: UP 0.9 percent at 19,659.01

London - FTSE 100: DOWN 0.3 percent at 8,335.81

Paris - CAC 40: UP 0.7 percent at 7,303.28

Frankfurt - DAX: UP 1.1 percent at 20,232.14

Seoul - Kospi Index: DOWN 1.4 percent at 2,464.00 (close)

Tokyo - Nikkei 225: UP 0.1 percent at 39,276.39 (close)

Hong Kong - Hang Seng Index: FLAT at 19,742.46 (close)

Shanghai - Composite: DOWN 0.4 percent at 3,364.65 (close)

Euro/dollar: UP at $1.0534 from $1.0511 on Tuesday

Pound/dollar: UP at $1.2714 from $1.2673

Dollar/yen: UP at 150.15 yen from 149.53 yen

Euro/pound: DOWN at 82.85 from 82.94 pence

Brent North Sea Crude: DOWN 0.6 percent at $73.20 per barrel

West Texas Intermediate: DOWN 0.6 percent at $69.53 per barrel

burs-rl/cw

K.Abe--JT