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SOUTH KOREA: Country Wrap:  Business Sentiment Remains Poor. 

SOUTH KOREA
EM BulletBulletSouth KoreaAPACEmerging Market News
  • Korea’s Composite Business Sentiment Index for Manufacturers’ rises modestly to 91.0 for February, from 89.0 prior. Korea’s Composite Business Sentiment Index for Non-Manufacturing declines to 81.7 for February, from 83.6 prior (source: MNI - Market News)
  • Korea’s first 20 days of trade show the impact of the China Lunar New Year holidays remains.  When adjusted for working day differences, the export data showed a -2.7% decline y/y.  The headline figures were deceiving suggesting a 16% growth in exports, a 7.7% growth in imports and a $800 m trade surplus.  However, the Lunar New Year holiday’s were earlier than last year so the underlying number of days used in the calculations were significantly different, distorting the headline figures. (source: MNI - Market News)
  • The KOSPI is lower marginally by -0.09% today, for a second day of losses.
  • KRW: the Won is up+.11% to 1,433.70 as regional FX markets performed well today.  The won is on track to be +.4% higher for the week.
  • Bonds:  a strong rally on the back of weaker data saw KTB 10YR at 2.76%, 2bp lower 
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  • Korea’s Composite Business Sentiment Index for Manufacturers’ rises modestly to 91.0 for February, from 89.0 prior. Korea’s Composite Business Sentiment Index for Non-Manufacturing declines to 81.7 for February, from 83.6 prior (source: MNI - Market News)
  • Korea’s first 20 days of trade show the impact of the China Lunar New Year holidays remains.  When adjusted for working day differences, the export data showed a -2.7% decline y/y.  The headline figures were deceiving suggesting a 16% growth in exports, a 7.7% growth in imports and a $800 m trade surplus.  However, the Lunar New Year holiday’s were earlier than last year so the underlying number of days used in the calculations were significantly different, distorting the headline figures. (source: MNI - Market News)
  • The KOSPI is lower marginally by -0.09% today, for a second day of losses.
  • KRW: the Won is up+.11% to 1,433.70 as regional FX markets performed well today.  The won is on track to be +.4% higher for the week.
  • Bonds:  a strong rally on the back of weaker data saw KTB 10YR at 2.76%, 2bp lower