South Korean president declares martial law

(Sharecast News) - South Korea's president declared emergency martial law, arguing that it was needed to defend the country from communists in North Korea. Invoking emergency powers, Yoon Suk Yeol accused the country's opposition of controlling parliament and siding with North Korea.

The initial reaction in financial markets included a small pullback on Wall Street, whilst the US dollar jumped by nearly 2% against the South Korean won.

As of 1615 BST however the Greenback had pared its gains to stand 1.22% higher.

Yoon's declaration of martial law came amid attempts to pass a budget bill for the following year.

Social media posts reportedly showed tanks lining the streets.

Shortly after Yoon's announcement, the country's parliament voted against his move.

-- More to follow --