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South Korean political upheaval hits sentiment

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Won down 1.4%

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French no-confidence vote keeps investors on edge

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European stocks up 0.3%

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Euro stable but near two-year low touched last month

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Traders await cues from Powell, data on policy path

(Updates prices as of 0847 GMT)

By Tom Wilson and Ankur Banerjee

LONDON/SINGAPORE, Dec 4 (Reuters) - Global shares were

mixed on Wednesday as markets digested political turmoil in

South Korea, where martial law was imposed and then lifted hours

later, and France, where an upcoming no-confidence vote also put

the euro in the spotlight.

In South Korea, Asia's fourth-largest economy, lawmakers

called on President Yoon Suk Yeol to resign or face impeachment

after he declared martial law late on Tuesday only to reverse

the move hours later.

The crisis left South Korea's benchmark KOSPI index

down 1.4%, taking its year-to-date losses to over 7% and making

it the worst performing major stock market in Asia this year.

In turn, MSCI's broadest index of Asia-Pacific shares

outside Japan, which counts Samsung Electronics ( SSNLF )

as one of its top constituents, was mostly flat.

Most Asian markets aside from South Korea rose.

The won currency, buoyed by suspected central

bank intervention, was stable, but remained close to the

two-year low against the dollar that it hit late on Tuesday.

South Korea's finance ministry said it was prepared to

deploy unlimited liquidity into financial markets. Reports said

the financial regulator was ready to deploy 10 trillion won

($7.1 billion) in a stock market stabilisation fund.

"Martial law itself has been lifted, but this incident

creates more uncertainty in the political landscape and the

economy," said ING senior economist Min Joo Kang.

Meanwhile, in Europe, stocks edged up 0.2% and the

euro traded near a two-year low ahead of the

no-confidence vote in France, where the blue-chip CAC 40

was up 0.4%.

French lawmakers will vote later in the day on motions which

are all but certain to oust the fragile coalition of Prime

Minister Michel Barnier, deepening the political crisis in the

euro zone's second-largest economy.

The single currency, last at $1.0501, is down 4% since the

start of November, when investors already bracing for any widely

expected tariff-heavy policies from the incoming administration

of President-elect Donald Trump.

"The general sense is that this vote could be successful,"

Deutsche Bank analysts wrote. "If so, there isn't an obvious

route forward on what happens next."

French government bonds were steady.

Wall Street futures pointed to gains, with S&P 500 e-mini

futures gaining 0.2% to hit a record high.

US POLICY PATH

Away from political turmoil, investors are hoping for more

cues to gauge the policy path the Federal Reserve will likely

take next year, with a much-anticipated November employment

report due on Friday.

U.S. job openings increased solidly in October while layoffs

dropped by the most in 1-1/2 years, data showed on Tuesday,

suggesting the labour market is slowing even as another survey

showed employers were hesitant to hire more workers.

Markets are now ascribing a 72% chance of a 25 basis point

cut this month, with 80 bps of cuts expected by the end of next

year.

The spotlight now turns to Fed Chair Jerome Powell, who will

give on Wednesday what are expected to be his last public

remarks ahead of the meeting.

In currencies, the dollar index, which measures the

U.S. currency against six rivals, was up 0.2% at 106.5.

The Australian dollar fell to four-month lows as

surprisingly soft economic data led markets to bring forward the

likely timing of future rate cuts.

Oil prices firmed as market participants weighed up

geopolitical tensions and the prospect of OPEC+ extending supply

cuts against weaker demand. Brent crude futures rose

0.2% to $73.82 a barrel, while U.S. West Texas Intermediate

crude futures added 0.2% to $70.07.