IBOV 176,641.10 ▲ 0.51% IPSA 11,024.10 ▲ 1.05% IPC MEX 66,529.27 ▲ 0.85% MERVAL 3,229,323 ▼ 0.30% COLCAP 2,298.73 ▼ 0.39% BVL PERÚ 56,428.20 — — USD/BRL5.07▲ 0.03% USD/MXN17.42▼ 0.02% USD/CLP925.95▼ 0.07% USD/COP3,247▲ 0.33% USD/PEN3.41▲ 0.55% USD/ARS1,470▼ 0.88% USD/UYU40.23▲ 0.99% USD/PYG6,039▲ 1.12% USD/BOB10.35▲ 6.04% USD/DOP58.20▼ 0.17% USD/CRC448.93▲ 1.31% USD/GTQ7.62▲ 2.07% USD/HNL26.73▲ 1.38% USD/NIO36.62▲ 0.31% USD/VES722.19▼ 0.13% USD/PAB1.00— 0.00% USD/BZD2.00— 0.00% USD/JMD157.59▲ 0.64% USD/TTD6.75▲ 1.19% EUR/BRL5.79▼ 1.07% BRENT 85.60 ▲ 1.03% WTI 80.18 ▲ 1.06% IRON ORE 161.91 — — COPPER 6.37 ▲ 0.66% GOLD 4,040 ▼ 0.53% SILVER 58.55 ▼ 0.38% SOY 1,198 ▼ 0.75% CORN 466.75 ▲ 7.61% WHEAT 666.50 ▲ 5.58% COFFEE 327.50 ▼ 2.88% SUGAR 14.76 ▼ 0.81% ORANGE JUICE 140.90 ▼ 1.16% COTTON 81.10 ▲ 1.88% COCOA 5,845 ▲ 3.27% BEEF 227.75 ▼ 2.97% CATTLE 349.63 ▼ 1.33% LITHIUM 71.58 ▼ 1.02% PETR4 40.66 — 0.00% VALE3 74.01 ▲ 1.59% ITUB4 43.63 ▲ 0.25% BBDC4 18.63 ▼ 0.75% ABEV3 15.81 ▼ 0.13% BBAS3 20.59 ▲ 1.73% B3SA3 15.33 ▲ 1.39% WEGE3 44.20 ▼ 0.43% PRIO3 57.57 ▲ 0.65% SUZB3 41.11 ▼ 0.92% RENT3 40.54 ▲ 0.85% AZZA3 18.85 ▼ 1.93% CSAN3 3.89 ▼ 0.26% RAIZ4 0.31 ▼ 6.06% PCAR3 2.45 ▼ 5.41% GMAT3 3.96 ▲ 0.51% PSSA3 54.29 ▲ 0.46% CVCB3 1.38 ▲ 10.40% POSI3 3.99 — 0.00% SLCE3 13.81 ▼ 0.43% NATU3 8.55 ▼ 0.58% BRKM5 6.83 ▼ 1.59% RANI3 8.01 ▲ 0.75% CSNA3 5.20 ▼ 0.76% CMIN3 5.10 ▼ 6.42% USIM5 8.23 ▼ 1.79% GGBR4 23.32 ▲ 2.19% ENEV3 27.17 ▲ 1.08% CPFE3 47.20 ▲ 0.77% CMIG4 11.20 ▲ 1.17% EQTL3 40.95 ▲ 1.84% LREN3 14.29 ▲ 0.99% VIVT3 35.52 ▲ 2.27% RAIL3 14.13 ▲ 0.14% KLABIN 17.32 ▼ 0.92% RAIA DROGASIL 18.60 ▲ 2.20% RDOR3 36.05 ▲ 1.38% HAPV3 11.19 ▲ 6.98% FLRY3 16.41 ▲ 1.61% SMTO3 16.12 ▼ 1.53% UGPA3 30.11 ▼ 2.65% VBBR3 33.30 ▲ 1.65% BBSE3 40.39 ▲ 0.27% BPAC11 57.95 ▲ 0.75% CURY3 33.59 ▲ 1.42% AERI3 2.07 ▼ 0.48% VIVARA 23.43 ▲ 1.38% COMPASS 25.20 ▲ 1.74% VAMOS 3.15 ▲ 4.30% SANB11 27.34 ▼ 0.11% ASAI3 8.66 ▼ 0.57% SBSP3 30.34 ▼ 0.10% WALMEX 49.32 ▼ 0.66% GMEXICO 199.61 ▲ 2.06% FEMSA 232.52 ▲ 3.18% CEMEX 22.24 ▲ 2.11% GFNORTE 186.00 ▲ 2.16% BIMBO 56.55 ▲ 1.22% TELEVISA 9.49 ▼ 1.25% AMX 22.83 ▲ 1.06% GAP 394.05 ▼ 3.46% ASUR 275.61 ▼ 1.09% OMA 235.49 ▲ 0.93% KOF 180.00 ▼ 0.92% GRUMA 280.31 ▼ 0.38% KIMBER 38.53 ▲ 0.81% SQM-B 67,900 ▲ 1.03% COPEC 6,210 ▲ 2.52% BSANTANDER 78.64 ▲ 0.56% FALABELLA 5,875 ▼ 0.51% ENELAM 85.75 ▲ 1.84% CENCOSUD 2,040 — 0.00% CMPC 1,103 ▲ 2.32% BANCO CHILE 189.50 ▲ 2.43% LATAM AIR 24.90 — 0.00% YPF 77,775 ▲ 0.78% GGAL 7,910 ▼ 2.10% PAMPA 5,230 ▲ 0.10% TXAR 665.00 ▲ 0.08% ALUAR 949.00 ▼ 1.61% TGS 9,710 ▲ 1.46% CEPU 2,327 ▲ 0.35% MIRGOR 16,750 ▼ 1.47% COME 45.75 ▲ 2.17% LOMA NEGRA 3,540 ▲ 1.22% BYMA 302.50 ▼ 1.87% TELECOM ARG 4,333 ▲ 1.94% ECOPETROL 16.16 ▲ 1.76% BANCOLOMBIA 82.10 ▲ 2.09% GRUPO AVAL 4.95 ▲ 0.81% CREDICORP 392.24 ▲ 0.78% SOUTHERN COPPER 182.38 ▲ 4.50% BUENAVENTURA 31.03 ▲ 4.06% MERCADOLIBRE 1,874 ▲ 0.35% NUBANK 13.99 ▲ 2.34% XP 16.87 ▲ 3.05% PAGSEGURO 9.28 — 0.00% STONE 11.30 ▲ 1.35% GLOBANT 30.92 ▼ 3.74% TECNOGLASS 44.19 ▲ 3.15% GAP AIRPORT 225.95 ▼ 2.93% ASUR 275.61 ▼ 1.09% OMA AIRPORT 107.64 ▲ 1.42% AMX ADR 26.18 ▲ 0.58% FEMSA ADR 133.17 ▲ 3.22% CEMEX ADR 12.80 ▲ 2.81% PETROBRAS ADR 17.92 ▲ 0.22% VALE ADR 14.59 ▲ 2.89% ITAU ADR 8.55 ▲ 0.94% SANTANDER BR 5.40 ▲ 0.84% AMBEV ADR 3.09 ▲ 0.98% CSN 1.04 ▲ 0.49% GERDAU 4.61 ▲ 2.67% LATAM ADR 53.51 ▲ 0.34% BTC 64,632 ▼ 0.50% ETH 1,879 ▼ 0.58% SOL 77.43 ▼ 0.43% XRP 1.11 ▼ 0.39% BNB 577.60 ▼ 0.71% ADA 0.16 ▼ 0.56% DOGE 0.07 ▼ 0.95% AVAX 6.66 ▼ 0.55% LINK 8.35 ▲ 0.09% DOT 0.85 ▼ 0.09% LTC 45.81 ▲ 0.83% BCH 235.73 ▼ 0.32% TRX 0.33 ▲ 0.71% XLM 0.18 ▼ 0.33% HBAR 0.07 — 0.00% NEAR 2.04 ▲ 1.69% ATOM 1.57 ▲ 0.38% AAVE 98.23 ▼ 0.66% SELIC 14.25% EMBRAER 82.49 ▼ 0.63% EMBRAER ADR 64.91 ▲ 0.67% JBS 11.83 ▲ 0.25% JBS BDR 59.75 ▼ 1.42% MBRF3 16.09 ▲ 2.35% MBRFY 3.15 ▲ 0.32% INTER 5.70 ▲ 0.89% EGX 52,423 ▲ 0.24% USD/ZAR16.38▲ 0.02% USD/NGN 1,381 — 0.00% NIKKEI 68,752 ▲ 1.49% CSI300 4,787 ▼ 0.20% HSI 24,681 ▲ 1.40% NIFTY 24,075 ▲ 0.09% KOSPI 7,284 ▲ 6.24% JCI 6,042 ▲ 0.04% USD/JPY162.40▲ 0.09% USD/CNY6.76▼ 0.12% DAX 24,993 ▼ 0.61% CAC 8,367 — 0.00% FTSE 10,520 ▼ 0.09% MIB 52,735 ▼ 0.24% IBEX 19,269 ▼ 0.46% STOXX 642.36 ▲ 0.04% EUR/USD1.14▼ 0.04% GBP/USD1.34▲ 0.25% SPX 7,544 ▲ 0.38% DJI 52,508 ▲ 0.02% NDX 29,586 ▲ 1.10% RUT 2,965 ▲ 0.39% TSX 35,321 ▲ 0.19% VIX 16.23 ▼ 1.64% USD/CAD1.41▲ 0.06% US10Y 4.5850 ▼ 0.52% IBOV 176,641.10 ▲ 0.51% IPSA 11,024.10 ▲ 1.05% IPC MEX 66,529.27 ▲ 0.85% MERVAL 3,229,323 ▼ 0.30% COLCAP 2,298.73 ▼ 0.39% BVL PERÚ 56,428.20 — — USD/BRL 5.07 ▲ 0.03% USD/MXN 17.42 ▼ 0.02% USD/CLP 925.95 ▼ 0.07% USD/COP 3,247 ▲ 0.33% USD/PEN 3.41 ▲ 0.55% USD/ARS 1,470 ▼ 0.88% USD/UYU 40.23 ▲ 0.99% USD/PYG 6,039 ▲ 1.12% USD/BOB 10.35 ▲ 6.04% USD/DOP 58.20 ▼ 0.17% USD/CRC 448.93 ▲ 1.31% USD/GTQ 7.62 ▲ 2.07% USD/HNL 26.73 ▲ 1.38% USD/NIO 36.62 ▲ 0.31% USD/VES 722.19 ▼ 0.13% USD/PAB 1.00 — 0.00% USD/BZD 2.00 — 0.00% USD/JMD 157.59 ▲ 0.64% USD/TTD 6.75 ▲ 1.19% EUR/BRL 5.79 ▼ 1.07% BRENT 85.60 ▲ 1.03% WTI 80.18 ▲ 1.06% IRON ORE 161.91 — — COPPER 6.37 ▲ 0.66% GOLD 4,040 ▼ 0.53% SILVER 58.55 ▼ 0.38% SOY 1,198 ▼ 0.75% CORN 466.75 ▲ 7.61% WHEAT 666.50 ▲ 5.58% COFFEE 327.50 ▼ 2.88% SUGAR 14.76 ▼ 0.81% ORANGE JUICE 140.90 ▼ 1.16% COTTON 81.10 ▲ 1.88% COCOA 5,845 ▲ 3.27% BEEF 227.75 ▼ 2.97% CATTLE 349.63 ▼ 1.33% LITHIUM 71.58 ▼ 1.02% PETR4 40.66 — 0.00% VALE3 74.01 ▲ 1.59% ITUB4 43.63 ▲ 0.25% BBDC4 18.63 ▼ 0.75% ABEV3 15.81 ▼ 0.13% BBAS3 20.59 ▲ 1.73% B3SA3 15.33 ▲ 1.39% WEGE3 44.20 ▼ 0.43% PRIO3 57.57 ▲ 0.65% SUZB3 41.11 ▼ 0.92% RENT3 40.54 ▲ 0.85% AZZA3 18.85 ▼ 1.93% CSAN3 3.89 ▼ 0.26% RAIZ4 0.31 ▼ 6.06% PCAR3 2.45 ▼ 5.41% GMAT3 3.96 ▲ 0.51% PSSA3 54.29 ▲ 0.46% CVCB3 1.38 ▲ 10.40% POSI3 3.99 — 0.00% SLCE3 13.81 ▼ 0.43% NATU3 8.55 ▼ 0.58% BRKM5 6.83 ▼ 1.59% RANI3 8.01 ▲ 0.75% CSNA3 5.20 ▼ 0.76% CMIN3 5.10 ▼ 6.42% USIM5 8.23 ▼ 1.79% GGBR4 23.32 ▲ 2.19% ENEV3 27.17 ▲ 1.08% CPFE3 47.20 ▲ 0.77% CMIG4 11.20 ▲ 1.17% EQTL3 40.95 ▲ 1.84% LREN3 14.29 ▲ 0.99% VIVT3 35.52 ▲ 2.27% RAIL3 14.13 ▲ 0.14% KLABIN 17.32 ▼ 0.92% RAIA DROGASIL 18.60 ▲ 2.20% RDOR3 36.05 ▲ 1.38% HAPV3 11.19 ▲ 6.98% FLRY3 16.41 ▲ 1.61% SMTO3 16.12 ▼ 1.53% UGPA3 30.11 ▼ 2.65% VBBR3 33.30 ▲ 1.65% BBSE3 40.39 ▲ 0.27% BPAC11 57.95 ▲ 0.75% CURY3 33.59 ▲ 1.42% AERI3 2.07 ▼ 0.48% VIVARA 23.43 ▲ 1.38% COMPASS 25.20 ▲ 1.74% VAMOS 3.15 ▲ 4.30% SANB11 27.34 ▼ 0.11% ASAI3 8.66 ▼ 0.57% SBSP3 30.34 ▼ 0.10% WALMEX 49.32 ▼ 0.66% GMEXICO 199.61 ▲ 2.06% FEMSA 232.52 ▲ 3.18% CEMEX 22.24 ▲ 2.11% GFNORTE 186.00 ▲ 2.16% BIMBO 56.55 ▲ 1.22% TELEVISA 9.49 ▼ 1.25% AMX 22.83 ▲ 1.06% GAP 394.05 ▼ 3.46% ASUR 275.61 ▼ 1.09% OMA 235.49 ▲ 0.93% KOF 180.00 ▼ 0.92% GRUMA 280.31 ▼ 0.38% KIMBER 38.53 ▲ 0.81% SQM-B 67,900 ▲ 1.03% COPEC 6,210 ▲ 2.52% BSANTANDER 78.64 ▲ 0.56% FALABELLA 5,875 ▼ 0.51% ENELAM 85.75 ▲ 1.84% CENCOSUD 2,040 — 0.00% CMPC 1,103 ▲ 2.32% BANCO CHILE 189.50 ▲ 2.43% LATAM AIR 24.90 — 0.00% YPF 77,775 ▲ 0.78% GGAL 7,910 ▼ 2.10% PAMPA 5,230 ▲ 0.10% TXAR 665.00 ▲ 0.08% ALUAR 949.00 ▼ 1.61% TGS 9,710 ▲ 1.46% CEPU 2,327 ▲ 0.35% MIRGOR 16,750 ▼ 1.47% COME 45.75 ▲ 2.17% LOMA NEGRA 3,540 ▲ 1.22% BYMA 302.50 ▼ 1.87% TELECOM ARG 4,333 ▲ 1.94% ECOPETROL 16.16 ▲ 1.76% BANCOLOMBIA 82.10 ▲ 2.09% GRUPO AVAL 4.95 ▲ 0.81% CREDICORP 392.24 ▲ 0.78% SOUTHERN COPPER 182.38 ▲ 4.50% BUENAVENTURA 31.03 ▲ 4.06% MERCADOLIBRE 1,874 ▲ 0.35% NUBANK 13.99 ▲ 2.34% XP 16.87 ▲ 3.05% PAGSEGURO 9.28 — 0.00% STONE 11.30 ▲ 1.35% GLOBANT 30.92 ▼ 3.74% TECNOGLASS 44.19 ▲ 3.15% GAP AIRPORT 225.95 ▼ 2.93% ASUR 275.61 ▼ 1.09% OMA AIRPORT 107.64 ▲ 1.42% AMX ADR 26.18 ▲ 0.58% FEMSA ADR 133.17 ▲ 3.22% CEMEX ADR 12.80 ▲ 2.81% PETROBRAS ADR 17.92 ▲ 0.22% VALE ADR 14.59 ▲ 2.89% ITAU ADR 8.55 ▲ 0.94% SANTANDER BR 5.40 ▲ 0.84% AMBEV ADR 3.09 ▲ 0.98% CSN 1.04 ▲ 0.49% GERDAU 4.61 ▲ 2.67% LATAM ADR 53.51 ▲ 0.34% BTC 64,632 ▼ 0.50% ETH 1,879 ▼ 0.58% SOL 77.43 ▼ 0.43% XRP 1.11 ▼ 0.39% BNB 577.60 ▼ 0.71% ADA 0.16 ▼ 0.56% DOGE 0.07 ▼ 0.95% AVAX 6.66 ▼ 0.55% LINK 8.35 ▲ 0.09% DOT 0.85 ▼ 0.09% LTC 45.81 ▲ 0.83% BCH 235.73 ▼ 0.32% TRX 0.33 ▲ 0.71% XLM 0.18 ▼ 0.33% HBAR 0.07 — 0.00% NEAR 2.04 ▲ 1.69% ATOM 1.57 ▲ 0.38% AAVE 98.23 ▼ 0.66% SELIC 14.25% EMBRAER 82.49 ▼ 0.63% EMBRAER ADR 64.91 ▲ 0.67% JBS 11.83 ▲ 0.25% JBS BDR 59.75 ▼ 1.42% MBRF3 16.09 ▲ 2.35% MBRFY 3.15 ▲ 0.32% INTER 5.70 ▲ 0.89% EGX 52,423 ▲ 0.24% USD/ZAR 16.38 ▲ 0.24% USD/NGN 1,381 — 0.00% NIKKEI 68,752 ▲ 1.49% CSI300 4,787 ▼ 0.20% HSI 24,681 ▲ 1.40% NIFTY 24,075 ▲ 0.09% KOSPI 7,284 ▲ 6.24% JCI 6,042 ▲ 0.04% USD/JPY 162.36 ▲ 0.10% USD/CNY 6.7632 ▲ 0.01% DAX 24,993 ▼ 0.61% CAC 8,367 — 0.00% FTSE 10,520 ▼ 0.09% MIB 52,735 ▼ 0.24% IBEX 19,269 ▼ 0.46% STOXX 642.36 ▲ 0.04% EUR/USD 1.1421 ▼ 0.04% GBP/USD 1.3391 ▲ 0.03% SPX 7,544 ▲ 0.38% DJI 52,508 ▲ 0.02% NDX 29,586 ▲ 1.10% RUT 2,965 ▲ 0.39% TSX 35,321 ▲ 0.19% VIX 16.23 ▼ 1.64% USD/CAD 1.4059 ▼ 0.01% US10Y 4.5850 ▼ 0.52%
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South Korea’s Parliament Blocks Yoon’s Martial Law, Forces Military Withdrawal

By · December 3, 2024 · 2 min read

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South Korean President Yoon Suk Yeol’s attempt to seize emergency powers through martial law collapsed within hours on December 3, 2024. The failed power grab revealed both the strength of South Korea’s democratic institutions and the deepening political crisis facing the nation.

Yoon declared martial law during a late-night television address, claiming he needed to protect the country from “anti-state forces.” Military helicopters landed at parliament while soldiers with rifles surrounded the building. The president’s move sent markets tumbling, with the Korean won dropping 2.5% against the dollar.

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The declaration backfired spectacularly when members of Yoon’s own conservative party turned against him. Han Dong-hoon, the ruling party leader, condemned the move and joined protesters outside parliament. All 190 lawmakers present voted to lift the martial law declaration, forcing Yoon to withdraw troops by early morning.

This crisis stemmed from Yoon’s frustration with his 19% approval rating and inability to pass legislation through the opposition-controlled parliament. The Democratic Party had blocked his budget and pushed to impeach senior officials. Rather than compromise, Yoon chose confrontation.

South Korea's Parliament Blocks Yoon's Martial Law, Forces Military Withdrawal. (Photo Internet reproduction)
South Korea’s Parliament Blocks Yoon’s Martial Law, Forces Military Withdrawal. (Photo Internet reproduction)
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South Korea’s Parliament Blocks Yoon’s Martial Law, Forces Military Withdrawal

The events highlighted how South Korea’s democratic safeguards functioned exactly as designed. The constitution requires martial law to end if parliament votes against it. When tested, these protections prevailed over any individual leader’s attempt to expand power.

For global markets and South Korea’s allies, the swift resolution prevented a deeper crisis. Finance Minister Choi Sang-mok promised unlimited liquidity to stabilize markets after the brief turmoil. The U.S. State Department expressed “grave concern” but emphasized the alliance remained strong.

This 24-hour drama marked South Korea’s first martial law declaration since democratization in 1987. While Yoon’s gambit failed, it exposed the intense polarization gripping South Korean politics. The president’s actions damaged his already weak position while reinforcing the durability of constitutional democracy.

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