Stocks making the biggest moves premarket: CAVA, SPOT, RKLB

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3 weeks ago

November 13, 2024

Business Finance News

South Korean stocks rocked after martial law declared

Published

2 hours ago

December 3, 2024

Business Finance News

Police stand guard in front of the main gate of the National Assembly in Seoul on December 3, 2024, after South Korea’s President Yoon Suk Yeol declared emergency martial law. South Korea President Yoon on December 3 declared emergency martial law, saying the step was necessary to protect the country from “communist forces” amid parliamentary wrangling over a budget bill.

Jung Yeon-je | Afp | Getty Images

South Korean stocks dropped in the U.S. on Tuesday after President Yoon Suk Yeol invoked emergency powers and declared martial law, raising fear of instability in the world’s 13th largest economy.

The iShares MSCI South Korea ETF, which tracks more than 90 large and mid-sized companies in South Korea, tumbled 6% to hit a 52-week low.

Korea Electric Power’s American Depositary Receipts (ADRs) dropped 5%, and Korean e-commerce giant Coupang shed 6%. KT Corporation, formerly Korea Telecom, saw shares fall 3%. Posco, a South Korean steel manufacturer, declined more than 6%.

The president accused opposition parties of sympathizing with North Korea and controlling parliament. Yoon did not specify how martial law — a temporary rule by military authorities in a time of emergency — would affect governance and democracy in the country.

The Korea Exchange announced it would hold an emergency meeting “to prepare response measures” and later decide whether the market would open on Wednesday, according to local media reports.

The U.S. dollar jumped 1.9% against the South Korean won Tuesday.

— CNBC’s Hakyung Kim contributed reporting.

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X, T, SYF, CVS and more

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3 hours ago

December 3, 2024

Business Finance News

Finance

PSQ Holdings doubles, becoming latest stock to rip higher on news of Donald Trump Jr.’s involvement

Published

4 hours ago

December 3, 2024

Business Finance News

Donald Trump Jr. speaks with the media at the end of the debate between Republican vice presidential nominee U.S. Senator JD Vance (R-OH) and Democratic vice presidential nominee Minnesota Governor Tim Walz hosted by CBS in New York, U.S., October 1, 2024.

Brendan Mcdermid | Reuters

Talks of Donald Trump Jr. joining the board of PSQ Holdings sent the owner of the online marketplace PublicSquare skyrocketing on Tuesday.

The stock surged 130% in premarket trading after Bloomberg News reported, citing people with knowledge of the matter, that the eldest son of President-elect Donald Trump could join PSQ’s board as early as Tuesday.

PublicSquare is a commerce and payments company with a focus on “life, family, and liberty.” PSQ is a microcap stock with a market capitalization of only $72 million as of Monday’s close.

For the September quarter, the firm had net revenue of $6.5 million and operation losses of more than $14 million. West Palm Beach, Florida-based PSQ is a 16-minute drive from Mar-a-Lago, the president-elect’s primary residence.

PSQ Holdings declined CNBC’s request for comment.

Just last week, Trump Jr. joined the board of Unusual Machines, a small U.S. drone and drone component maker, sending shares up as much as 100% the day of the announcement.

In November, Trump Jr. joined venture capital firm 1789 Capital as a partner. The firm invests in products and companies aimed at conservatives and its investments include Tucker Carlson’s media company.