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EMERGING MARKETS: Global News: January 03

EMERGING MARKETS
  • US (WaPo) – President Joe Biden has decided to officially block Nippon Steel's proposed purchase of U.S. Steel, a once-iconic American company whose sale to a foreign buyer he publicly opposed for months, according to two administration officials who were not authorised to speak publicly about the matter.
  • CHINA (BBG) – The onshore yuan weakened past a level that China had been defending since late last year, opening up room for the managed currency to slump further amid a sluggish economy. The yuan fell to breach the psychological milestone of 7.3 per dollar for the first time since late 2023, amid concerns over China’s economic struggles and the nation’s widening yield discount to the US.
  • S.KOREA (MNI) – The Constitutional Court has announced the five dates that it will hold hearings as part of the impeachment trial of suspended President Yoon Suk-yeol. In an effort to speed up the process amid political paralysis, the court will hear arguments on Tuesdays and Thursdays starting on 14 January. With the Lunar New Year holidays excluded, the final hearing will take place on Tuesday 4 February.
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  • US (WaPo) – President Joe Biden has decided to officially block Nippon Steel's proposed purchase of U.S. Steel, a once-iconic American company whose sale to a foreign buyer he publicly opposed for months, according to two administration officials who were not authorised to speak publicly about the matter.
  • CHINA (BBG) – The onshore yuan weakened past a level that China had been defending since late last year, opening up room for the managed currency to slump further amid a sluggish economy. The yuan fell to breach the psychological milestone of 7.3 per dollar for the first time since late 2023, amid concerns over China’s economic struggles and the nation’s widening yield discount to the US.
  • S.KOREA (MNI) – The Constitutional Court has announced the five dates that it will hold hearings as part of the impeachment trial of suspended President Yoon Suk-yeol. In an effort to speed up the process amid political paralysis, the court will hear arguments on Tuesdays and Thursdays starting on 14 January. With the Lunar New Year holidays excluded, the final hearing will take place on Tuesday 4 February.