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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.
SOUTH KOREA
Earlier data showed steady manufacturing and non-manufacturing business sentiment for September. The manufacturing print was at 69, which is above early 2023 lows but down from June highs of 73. The index is still suggesting some improvement in y/y GDP momentum, albeit from a low base. The non-manufacturing index printed at 76, which is also above earlier 2023 lows but down off mid-year highs.
- Both indicators are suggesting some improvement in the growth backdrop, but are well below 2022 levels.
- In terms of the detail, most sub-indices were unchanged or near August levels. On the domestic side, sale expectations nudged down a touch, while production eased to 78 from 82.
- Raw material prices rose to 109, but are coming from a low base. Sale prices also firmed but again from a low base.
- Export expectations were unchanged at 66, see the chart below of this measure against South Korean y/y export growth. The authorities continue to express optimism around the export outlook as we progress through H2.
Fig 1: Manufacturers Export Expectations & South Korea 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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