SOUTH KOREA: Court Issues Additional Arrest Warrant For Ousted President Yoon
The Seoul Central District Court has issued an additional arrest warrant for former South Korean President Yoon Suk-yeol, on charges linked to his alleged drone deployment to North Korea in 2024 that was viewed as a potential smokescreen to justify his declaration of martial law that led to his eventual ouster. Yoon's current detention was due to expire on 18 Jan, but prosecutors argued this risked the destruction of evidence related to the case. Prosecutors claim that the drone deployment was intended to rile North Korea into a response that would be used as a justification for the imposition of martial law.
- Yoon also faces charges related to leading an insurrection, the obstruction of the execution of official duties, and the abuse of power to obstruct the rights of another.
- The legal process against Yoon is set to rumble on for some months more, with the former president facing up to 10 years in prison. Lee Jun-seok, leader of the libertarian conservative Reform Party, has sought to win over right-wing voters from the People Power Party that backed Yoon for the presidency. In a new year's message, Lee said, “Conservatives must let go of their lingering attachment to Yoon Suk-yeol, a political figure whose time has passed, and pour all their energy into establishing new figures and policy alternatives.”
- Opinion polling shows Reform with significant work to do ahead of the 2028 parliamentary election, with its support in the low single digits, compared to the PPP anywhere from the low 20s to the high 30s in percentage terms.
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US TSYS: Post ISM Services React
- Treasuries scale back support after ISM services data - prices paid and new orders lower than expected while the Services index and employ component rise slightly.
- Currently, TYH6 trades 113-01.5 (+5) vs. 113-07 high, initial technical resistance at 113-11/22+ High Dec 1 / High Nov 25. Support below at 112-22 Low Dec 02
- Curves mildly steeper: 2s10s +.312 at 57.753, 5s30s +1.424 at 110.291.
MNI: US ISM NOV SERVICES COMPOSITE INDEX 52.6
- MNI: US ISM NOV SERVICES COMPOSITE INDEX 52.6
- US ISM NOV SERVICES PRICES 65.4
US DATA: Services PMI Revised Lower But Still Solid In Final November Release
The S&P Global US services PMI was revised lower in the final November release, dipping to its lowest since June rather than confirming what had been its highest since July. Along with this downward revision, input cost inflation was also trimmed from the highest since Jan 2023 in the flash to today’s six-month high, but as you can see in the chart below that's a close call having still seen a solid acceleration in November.
- US Services PMI: 54.1 (flash & cons 55.0) in Nov final after 54.8 in Oct
- US Composite PMI: 54.2 (flash 54.8) in Nov final after 54.6 in Oct
S&P Global US PMI press release opening highlights (release in full, here):
- “The US private sector services economy continued to expand at a solid pace in November, despite growth softening to a five-month low, according to the latest PMI® survey data from S&P Global.”
- “Activity was supported by the firmest rise in new work of 2025 so far, whilst confidence in the outlook strengthened following the end of the government shutdown and expectations of improved economic growth in the year ahead.”
- “Firms also took on additional staff to a stronger degree amid some evidence of capacity pressures, but with reports of higher labor costs and tariffs continuing to push up prices in general, input cost inflation accelerated to a six-month high.”
