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MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
SOUTH KOREA
Earlier South Korean business sentiment data pointed to a mixed outlook. Manufacturing sentiment rose for November to 69 from 67. This is the first rise in the index since mid-year. In terms of the detail, the improvement was more so with large manufacturers, conditions at smaller firms deteriorated. There was a notable improvement in the export outlook. The chart below overlays this sub-index against South Korean y/y export growth. Domestic conditions were modestly softer though.
- On the non-manufacturing there was a sharp pull back in sentiment. The headline index falling to 69 from 77.
- This is fresh lows back to early 2021. Weakness was particularly evident in terms of sales expectations.
- This data comes after the slightly better than expected Q3 GDP print earlier. The improving external backdrop will be welcome but signs of softer domestic conditions will be a BOK watch point.
Fig 1: South Korean Manufacturers Export Expectations & Export Growth Y/Y
Source: MNI - Market News/Bloomberg
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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