MNI China Daily Summary: Tuesday, February 7

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1 Month Holds Above 1300, November CPI Mixed

KRW
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1 month USD/KRW was range bound post the Asia close, largely stuck in the 1300/1307 region. The pair ended the NY session at 1304, versus an onshore spot close of 1299.40 yesterday.

  • November CPI figures have already printed, with headline weaker than expected at -0.1% m/m, (+0.1% forecast), which bought the y/y pace to 5.0%, down from 5.7% last month and a 5.2% forecast. Core was still firmer though at 4.8%, unchanged from October and against a 4.5% expectation.
  • Headline relief will be welcome, but sticky core inflation may still bias the policy rate higher. The next BoK meeting is in January.
  • Elsewhere, a nationwide strike by Korea Railroad workers has been averted, as management and the union reached a tentative agreement. The strike was set to begin at 9am local time today.
  • The equity lead for the Kospi is more mixed, with the SOX lower overnight, but the MSCI IT index still pushed higher. To recap, the Kospi rose 0.30% yesterday, underperforming gains elsewhere in the region. Offshore investors added $139.2mn to local stocks.
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1 month USD/KRW was range bound post the Asia close, largely stuck in the 1300/1307 region. The pair ended the NY session at 1304, versus an onshore spot close of 1299.40 yesterday.

  • November CPI figures have already printed, with headline weaker than expected at -0.1% m/m, (+0.1% forecast), which bought the y/y pace to 5.0%, down from 5.7% last month and a 5.2% forecast. Core was still firmer though at 4.8%, unchanged from October and against a 4.5% expectation.
  • Headline relief will be welcome, but sticky core inflation may still bias the policy rate higher. The next BoK meeting is in January.
  • Elsewhere, a nationwide strike by Korea Railroad workers has been averted, as management and the union reached a tentative agreement. The strike was set to begin at 9am local time today.
  • The equity lead for the Kospi is more mixed, with the SOX lower overnight, but the MSCI IT index still pushed higher. To recap, the Kospi rose 0.30% yesterday, underperforming gains elsewhere in the region. Offshore investors added $139.2mn to local stocks.