This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. The U.S. economy is poised in a delicate position between growth and inflation. The jobs report, out Friday, demonstrates the difficulty of this balancing act. Too hot, and Treasury yields might rise; too cold, and fears of an economic slowdown could halt stocks, Goldman Sachs said.
But the South Korea can't catch a break. In the past month, the country's been placed under martial law, had its sitting — and stand-in — president impeached, is at its second acting president (so far) and suffered a tragic plane crash. Going by the Kospi index: not much. The index, which tracks all common stocks listed on the Korean Stock Exchange, is now higher than it was on Dec. 3, when impeached President Yoon Suk Yeol declared martial law. Its resilience can be traced to Korea's political history and the Bank of Korea's swift — and perhaps serendipitous — actions. Yoon and Han Duck-soo are only the latest two presidential figures to be impeached in Korea's history. Prior to them, Roh Moo-hyun was impeached in 2004 (though the court overturned it), while Park Geun-hye was impeached in 2016 and removed from office the next year. 'Presidential impeachments aren't unprecedented in Korea, and the country's equities, at least, ultimately fared quite well during the most recent one in 2016/2017,' Thomas Mathews, head of markets for Asia Pacific at Capital Economics, Uncertainties caused by the Korea's past two impeachments'have subsided within three to six months,' Soohyung Lee, Monetary Policy Board member at the Bank of Korea, on Jan. 2, so'it's possible that the political turmoil may not take as much of a toll on the country's economy.' by the BOK at its November meeting, enacted before Yoon declared martial law in December, could have cushioned the blow. Korea's recent troubles demonstrate that when one branch of government fails, other institutions can still prop up a country and its economy — but it's much harder to deal with the governments of others
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