- South Korean markets plunge after President Yoon Suk-Yeol's short-lived martial law declaration sparks political crisis. KOSPI slumped over 2% as opposition parties prepare impeachment bill. Won stabilizes after hitting two-year low, with suspected intervention from authorities.
- Asian markets broadly lower on South Korean political turmoil. Nikkei down 0.4%, CSI 300 fell 0.3%. Thailand's SET bucks trend, up 1.3% on rate cut hopes. Australian stocks drop 0.5% after weak GDP data.
- Australian economy grew less than expected in Q3 at 0.8% YoY vs 1.1% forecast. AUD/USD drops over 1% to four-month low as markets price in earlier RBA rate cuts.
- ANZ and Westpac expect RBA to begin rate cuts from May 2025, with Capital Economics forecasting easing cycle in Q2.
- Chinese services PMI shows slowing growth in November, falling to 51.5 from 52.0. Chinese chipmaking stocks surge after government recommends against buying US-made chips.
- Thailand CPI rises 0.95% YoY in November, below 1.1% forecast and central bank's target range. Finance Minister signals potential rate cut amid low inflation.
- Indian services PMI remains strong at 58.4 in November despite decade-high price increases. Record hiring pace noted with robust business sentiment.
- Markets await Fed Chair Powell's speech for rate outlook cues. US Dollar Index edges up 0.1% for third straight session.
- Gold inches higher to $2,646 on South Korea tensions and Israel-Hezbollah conflict concerns. Copper futures down 0.3% to $9,096 per ton.
- Rare earth stocks rally after China bans export of gallium and germanium compounds to US. Australia's Lynas jumps 6%, Iluka Resources gains 4%.
- South Korea's finance ministry pledges "unlimited" liquidity support to stabilize markets. Bank of Korea announces special repo operations and looser collateral policies.
- Key events ahead: Fed Chair Powell speech, PMI data for France, Germany, UK and eurozone, French no-confidence vote.
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