Episode 467: Neal and Toby bring news from around the world starting with the fallout of South Korea’s President declaring martial law, then lifting it less than 24 hours later. And, China hits back against the US’ chip crackdown. Then, French lawmakers could force its prime minister to resign. Meanwhile, Wall Street is investing billions of dollars into private credit as it looks to bring it to the masses. Plus, ChatGPT may have all the answers on the Internet, but it can’t bring itself to recognize the name “David Mayer.” Lastly, notable headlines that close out your day. Download the Yahoo! Finance App (on the Play and App store) for real-time alerts on news and insights tailored to your portfolio and stock watchlists. Subscribe to Morning Brew Daily for more of the news you need to start your day. Share the show with a friend, and leave us a review on your favorite podcast app. Listen to Morning Brew Daily Here: https://link.chtbl.com/MBD Watch Morning Brew Daily Here: https://www.youtube.com/@MorningBrewDailyShow 00:00 - 30 Under 30 03:00 - South Korea Turmoil 06:00 - China Chip Wars 09:00 - France Chaos 11:40 - Private Credit on Wall Street 17:00 - ChatGPT Glitch 21:45 - Headlines Learn more about your ad choices. Visit megaphone.fm/adchoices
Chapter 1: What happened during the South Korea turmoil?
Alex Cooper of Call Her Daddy fame highlighted this year's class. Jason Tatum rode the success of his step back jumper to snag a spot. And Jacob Elordi got on for just being tall and handsome and really talented at acting, I guess. Neil, any takeaways from this year's crop of youths? Yeah, well, I didn't see your name, Toby. Oh, you had to bring it up.
I'm 33. Like, I don't even think about the 30 under 30. But you're still under 30, and I was looking at your name. There's 20 different industries. I mean, this is not a 30-person list. This is a 600-person list. They choose from fintech, media, celebrity, sports, et cetera. And, you know, I just didn't see. I was looking from H and I. I went to I, and there was no how. Here's the thing, Neil.
I got three more years, okay? My lower back pain hasn't kicked in yet, so yes, I didn't make it this year, but hey, there's always next year, right? And the year after that, and the year after that. Now, a word from our sponsor, Yahoo Finance. Neil, the Olympics are long gone, but I still want to talk about gold, silver, and bronze today.
For the last time, Toby, we are not doing a morning brew office Olympics. Curling with coworkers in the office chairs is not HR-approved.
No, I'm not talking about the MB Office Olympiad, which will happen at some point. I'm talking about Yahoo Finance's premium tiers.
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Chapter 2: How is China responding to US chip restrictions?
I have seen this on their site. They have three different tiers geared toward helping investors of all levels.
Bronze is aimed at more passive investors if you just want to monitor your 401ks or IRAs. Silver is best for your stock, ETF, and mutual fund investors. And finally, gold is a must-have if you are actively trading stocks, options, crypto, and more.
So what tier do you fall into?
Oh, I'm tier purple, which just means I'm tier Yahoo Finance as a whole. Free, premium, the whole shebang. If you want to check out the whole shebang or any of the tiers mentioned, head to yahoofinance.com.
For more extremely low prices, visit our stores or check out the Action app. Small prices, great fun.
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Chapter 3: What is the political situation in France?
Lots of big news abroad to report on, so we're going to kick off the show by discussing a trio of major happenings in South Korea, China, and France. First, South Korea plunged into chaos yesterday after President Yun Suk-yeol abruptly declared martial law late Tuesday night.
banning all, quote, political activities and enabling him to take control of the news media in the world's 13th largest economy. Yoon said the measure was necessary because the opposition party was too sympathetic to adversary North Korea and threatened the country's constitutional order.
Korean stocks plunged on this absolutely shocking news, and the country's currency, the won, cratered nearly 3% against the dollar. With the martial law declaration swiftly condemned as a dangerous, cynical political ploy by other politicians, including Yoon's own party, the National Assembly convened just a few hours later and voted to end martial law by a count of, get this, 190 to zero.
Yoon seemed to get the message and lifted the emergency martial law decree less than five hours after it began, prompting Korean stocks and the won to rebound off their lows. Still, Toby, this unrest cannot spur investor confidence that South Korea has its political house in order, especially since it's one of the most trade-reliant countries in the world.
It tumbled as much as 7% yesterday. It reached a 52-week low on just these fears of unrest in the country. 35 million shares of this index changed hands yesterday. That was 10 times the 30-day average volume. So clearly there was a lot of anxiety going on within Korea's stock market. And you're right. South Korea is a critical partner.
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Chapter 4: Why is private credit gaining popularity on Wall Street?
Chapter 5: How does ChatGPT relate to David Mayer?
Korean stocks plunged on this absolutely shocking news, and the country's currency, the won, cratered nearly 3% against the dollar. With the martial law declaration swiftly condemned as a dangerous, cynical political ploy by other politicians, including Yoon's own party, the National Assembly convened just a few hours later and voted to end martial law by a count of, get this, 190 to zero.
Yoon seemed to get the message and lifted the emergency martial law decree less than five hours after it began, prompting Korean stocks and the won to rebound off their lows. Still, Toby, this unrest cannot spur investor confidence that South Korea has its political house in order, especially since it's one of the most trade-reliant countries in the world.
It tumbled as much as 7% yesterday. It reached a 52-week low on just these fears of unrest in the country. 35 million shares of this index changed hands yesterday. That was 10 times the 30-day average volume. So clearly there was a lot of anxiety going on within Korea's stock market. And you're right. South Korea is a critical partner.
with the United States over there, just as kind of a hedge against China dominance in the region as well. But also, you are right. South Korea is uniquely situated as a major trade partner for a lot of nations as well. So that was why there's a lot of attention focused on this political unrest in the country.
Chapter 6: What are the latest headlines?
Moving forward, what's happening now is that the Central Bank of Korea met and they said they would supply as much liquidity as needed. That seemed to calm markets. The yuan is back to about where it was before this whole shebang started. The stock market has increased and they're doing trading. They haven't closed down the stock market.
Meanwhile, Yoon looks like he's going to be in some hot water for this ploy. The opposition party has brought measures to impeach him, and that'll move through the National Assembly in the next few days. His approval ratings were already below 20 percent. So maybe that was one reason why he took this step in the first place.
Yeah, first time declaring martial law in the country since the 1980s, so clearly a big swing and a big miss at this point. Let's move on to China for our next international headline. China clapped back against recent U.S. trade restrictions by tightening export controls on critical raw materials used for semiconductor manufacturing, citing national security concerns.
The high-stakes game of tag, you're it, no, you're it, was set off when the U.S. limited China's access to its own advanced AI chips, As the two largest economies in the world gear up for round two of trade drama in Trump's second term, the list of materials on China's no-no list include gallium, germanium, and antimony, all necessary raw components of both semiconductor or battery manufacturing.
What has Washington a little caught off guard, though, was just how quick Beijing's response was. In previous instances when the U.S. beefed up its no-trade list in regards to China, Beijing usually waited months or weeks before responding, but this response came just one day later, Neil.
Yeah, I mean, this has escalated to honestly all out supply chain warfare. How these critical semiconductors are made that power our modern economy is China has the raw materials, the tungstens of the world, the antimony, the galliums, the germaniums, things you may not
you know, think are critical to our modern economy, but they absolutely are because they're made to use semiconductors, they ship them to the United States and other developed economies that make chips. And then the United States sells them back to China that are extremely advanced, and now we have AI chips. So this is a very...
tightly interconnected global economy when it comes to semiconductors, where there's a lot of billions of dollars of goods going back and forth. And these countries are at the same time adversaries and they don't want each other to make the most advanced semiconductors because those can be used in weapons and other advanced technologies. But at the same time, they need each other.
So you see this delicate balance playing out. And that has happened for the past few years or so where there's been this, they call it tit for tat. It's been very these minor nicks. But now it looks like the gloves are off because these are both dramatic escalations this week.
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