MNI China Daily Summary: Friday, January 17

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MNI: US DEC INDUSTRIAL PROD +0.9%; CAP UTIL 77.6%

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MNI: US DEC HOUSING STARTS 1.499M; PERMITS 1.483M

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SOUTH KOREA: Country Wrap: BOK on Hold but Ready to Cut. 

SOUTH KOREA
EM BulletBulletSouth KoreaAPACEmerging Market News

 

  • The BOK surprised the market by remaining on hold, in the face of the political uncertainty that remains in the country.  With one voting member calling for a rate cut, Governor Rhee noted that all six voting members are open to rate cuts in the coming months and that downside potential exists for economic growth.  Rhee pointed out that that currency is weaker than necessary and that unsurprisingly the exchange rate volatility has increased due to the political situation, but it is likely to ease.  (source: MNI – Market News)
  • South Korea’s Yoon Asks Court to Review Legitimacy of His Arrest (source: BBG)
  • The KOSPI had a strong day up 1.15% to be one of the best performers of its regional peers.
  • KRW : the Won had a nothing day despite the news from the Central Bank and was virtually unchanged at 1,456.95.
  • Bonds: bonds were mostly lower across the curve with the KTB 3YR -5bps at 2.642%. 
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  • The BOK surprised the market by remaining on hold, in the face of the political uncertainty that remains in the country.  With one voting member calling for a rate cut, Governor Rhee noted that all six voting members are open to rate cuts in the coming months and that downside potential exists for economic growth.  Rhee pointed out that that currency is weaker than necessary and that unsurprisingly the exchange rate volatility has increased due to the political situation, but it is likely to ease.  (source: MNI – Market News)
  • South Korea’s Yoon Asks Court to Review Legitimacy of His Arrest (source: BBG)
  • The KOSPI had a strong day up 1.15% to be one of the best performers of its regional peers.
  • KRW : the Won had a nothing day despite the news from the Central Bank and was virtually unchanged at 1,456.95.
  • Bonds: bonds were mostly lower across the curve with the KTB 3YR -5bps at 2.642%.