SOUTH KOREA: Finance Minister Resigns Amid Impeachment Vote
May-01 14:11
Choi Sang-mok has resigned as finance minister amid an effort in parliament to impeach him. Choi served as acting president for three months following the impeachment of President Yoon Suk-yeol, and had been slated to serve again following the resignation of Han Duck-soo earlier today, ahead of the acting president's expected presidential bid.
- The main opposition liberal Democratic Party of Korea (DPK), which holds a majority in the National Assembly, had approved an impeachment bill against Choi. The bill claimed, among other allegations, that Choi deliberately delayed the appointment of a ninth justice to the Supreme Court bench ahead of the court's impeachment trial of Yoon.
- The Assembly has now suspended its impeachment vote following the acceptance of Choi's resignation by acting President and PM Han Dook-soo, and the Deputy PM (Choi himself). Choi was due to take over from Han as acting president from midnight on 2 May, less than an hour from now.
- Following his resignation, Choi said, "I apologise to the people for resigning as I cannot continue to perform my duties due to the severe economic conditions at home and abroad.”
- With Han and Choi having tendered their resignations, the acting presidency now falls to Deputy Prime Minister and Education Minsiter Lee Ju-ho.
Want to read more?
Find more articles and bullets on these widgets:
Historical bullets
STIR FUTURES: BLOCK: Sep'25 SOFR Buys
Apr-01 14:10
- Total +20,000 SFRU5 at 96.2275 (10k at 96.225, 10k at 96.23) at 1001:29ET, DV01 $500,000.
- The Sep contract trades 96.23 last (+0.040).
SWAPS: German Long ASWs Struggling To Widen Further
Apr-01 14:09
The lack of widening in German long end ASW spreads is quite telling given today’s outright bond bid, with outright long end bond yields and ASWs seemingly unwilling to push meaningfully beyond range extremes witnessed in the time since the German “whatever it takes” fiscal moment.
- Outright 10s have not quite closed the gap with levels seen before the fiscal loosening was tabled, while long-dated ASWs have been unable to make much headway above levels that prevailed ahead of that announcement.
- The prospect of a meaningful increase in German supply over the medium term continues to limit recoveries in long end ASWs.
- Schatz ASWs outperform on the curve, with spreads last little changed to +0.78bp vs. 3-month Euribor.
US TSYS: Post-JOLTS, ISM Data React
Apr-01 14:07
- Treasuries rebound, nearing pre-NY open highs after lower than expected JOLTS job openings, quits and layoffs higher than expected. ISMs mixed with Mfg, new orders and employment lower than expected while prices paid jumps.
- Tsy Jun'25 10Y contract trades 111-26.5 (+19.5) vs. earlier high of 111-27.5, next technical resistance at 112-01 (High Mar 4 and a bull trigger).
- Curves continue to bull flatten off early week highs: 2s10s -3.497 at 28.302, 5s30s -0.565 at 61.375.
- Cross asset update: stocks pare losses (SPX eminis -27.00 at 5626.25).Bbg US$ index +.30 at 1274.55.
