SOUTH KOREA: Parliament Votes To Impeach Han, Political Crisis Deepens
192 lawmakers in the South Korean National Assembly have voted to impeach acting president Han Duck-soo, the man tasked with steering the country through the political crisis of President Yoon Suk-yeol's declaration of martial law and subsequent impeachment.
- The BBC notes: "Lawmakers from Yoon and Han's ruling People Power Party (PPP) protested after National Assembly speaker Woo Won-shik announced that only 151 votes would be needed to pass the impeachment bill. This meant that, unlike the 200 votes required for Yoon's impeachment, no votes from ruling lawmakers would be needed this time for Han to be impeached in parliament." Reuters reports that the PPP will file an injunction against the impeachment.
- ABC News notes: "Han’s impeachment further deepens South Korea’s political crisis and damages its international image."
- Reuters confirms that Finance Minister Choi Sang-mok will step in as acting president until a presidential election can be called, likely within three months if the constitutional court upholds President Yoon's impeachment. The court will next meet on January 3.
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SILVER TECHS: Bear Cycle Still In Play
- RES 4: $35.226 - 61.8% of the 2011 - 2020 major bear leg
- RES 3: $35.167 - 2.00 proj of the Aug 8 - 26 - Sep 6 price swing
- RES 2: $33.125/34.903 - High Nov 1 / High Oct 23 and the bull trigger
- RES 1: $31.290/537 - 50-day EMA / High Nov 19
- PRICE: 30.677 @ 08:11 GMT Nov 27
- SUP 1: $29.677 - Low Nov 14
- SUP 2: $28.446 - 76.4% retracement of the Aug 8 - Oct 23 bull cycle
- SUP 3: $27.686 - Low Sep 6
- SUP 4: $26.451 - Low Aug 8
Medium-term bullish conditions in Silver remain intact and the bear cycle that started on Oct 23 still appears to be a correction. However, the corrective cycle remains in play. Price has recently breached the 20- and 50-day EMAs, and traded through a trendline drawn from the Aug 8 low. This has exposed $28.446, a Fibonacci retracement. Initial firm resistance to watch is $31.290, the 50-day EMA.
EGBS: SPGB/OAT/PGB 10-Year Fly Moves Towards -50bp
We have been monitoring the SPGB/OAT/PGB 10-Year fly for some and the structure sits at the lowest level seen since ’06, nearing -50bp.
- Last -48bp vs. ’06 lows of -66.3bp
- With French fiscal and political risk remaining present, it is hard to envisage a scenario whereby the trend is reversed, at least in the immediate term.
- A brief recovery was seen in late October/early November, as passive index inclusion flows into PGBs faded and the fiscal impact of the Valencia floods was considered.
- That was before the French risks mentioned above re-emerged, which helped relative fiscal trajectories of the 3 countries reassert themselves in the structure.
- Indeed, Commerzbank warn that “OATs remain vulnerable, above all vs. Iberia.”
Fig. 1: SPGB/OAT/PGB 10-Year Butterfly (%)
Source: MNI - Market News/Bloomberg
MNI EXCLUSIVE: MNI SOURCES: ECB Closer To Dropping "Restrictive" Language
MNI speaks to ECB sources about monetary policy --- On MNI Policy MainWire now, for more details please contact sales@marketnews.com
