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SOUTH KOREA: Country Wrap: BOK Governor Injects Uncertainty.

SOUTH KOREA
EM BulletBulletSouth KoreaAPACEmerging Market News
  • At the last BOK meeting market expectations were for a cut in interest rates, and the BOK surprised most by remaining on hold. The BOK Governor Rhee in his subsequent press conference was at pains to point out that the BOK is in a rate cutting phase.  Yet in an interview on Thursday on BBG TV, Governor Rhee pushed the emphasis onto the government saying, “ That is why I’m emphasizing more fiscal stimulus is necessary,” he said. Governor Rhee added a further that a rate cut this month is by no means a done deal. (source: MNI – Market News).
  • South Korea has decided to further extend its fuel tax cut until April 30 to help consumers cope with costs, Yonhap News Agency reported on Thursday, citing the country's finance ministry. (source: BBG).
  • Over 4.3 million passengers traveled via South Korea's airports during this year's Lunar New Year holiday period, government data showed Friday.  According to the transport ministry data submitted to the office of Rep. Lee Yeon-hee of the main opposition Democratic Party, a combined 4,332,848 departed from and arrived at 13 airports nationwide from Jan. 24 through Sunday. (source: Yonhap)
  • What has been a strong middle part of the week is finishing weaker for the KOSPI, falling today by -0.49% and barely holding onto a weekly gain.
  • KRW:  the won has had a quiet day, falling just -0.03%, but holding onto a positive week, up +0.414%.
  • Bonds: unsurprisingly given the BOK Governor’s comments, bonds have sold off with the KTB 10YR at 2.839%, +3bp for the day but remains 3bps lower for the week. 
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  • At the last BOK meeting market expectations were for a cut in interest rates, and the BOK surprised most by remaining on hold. The BOK Governor Rhee in his subsequent press conference was at pains to point out that the BOK is in a rate cutting phase.  Yet in an interview on Thursday on BBG TV, Governor Rhee pushed the emphasis onto the government saying, “ That is why I’m emphasizing more fiscal stimulus is necessary,” he said. Governor Rhee added a further that a rate cut this month is by no means a done deal. (source: MNI – Market News).
  • South Korea has decided to further extend its fuel tax cut until April 30 to help consumers cope with costs, Yonhap News Agency reported on Thursday, citing the country's finance ministry. (source: BBG).
  • Over 4.3 million passengers traveled via South Korea's airports during this year's Lunar New Year holiday period, government data showed Friday.  According to the transport ministry data submitted to the office of Rep. Lee Yeon-hee of the main opposition Democratic Party, a combined 4,332,848 departed from and arrived at 13 airports nationwide from Jan. 24 through Sunday. (source: Yonhap)
  • What has been a strong middle part of the week is finishing weaker for the KOSPI, falling today by -0.49% and barely holding onto a weekly gain.
  • KRW:  the won has had a quiet day, falling just -0.03%, but holding onto a positive week, up +0.414%.
  • Bonds: unsurprisingly given the BOK Governor’s comments, bonds have sold off with the KTB 10YR at 2.839%, +3bp for the day but remains 3bps lower for the week.