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SOUTH KOREA: Country Wrap: Korean Employment Data Strong.

SOUTH KOREA
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  • South Korea’s acting President called on Korean institutions to “closely monitor and respond to major country’s policies and financial markets trends,” in a bid to prepare the economy for the implementation of US tariffs. (source:  BBG).
  • Export and Import Prices both Decline in January, with December numbers revised downside also.  Export prices in January were +8.5% YoY, down from the revised +10.5% in December.  The month-on-month result was weaker also at +1.2% for January, versus a revised +2.3% in December.  Import prices also were weak in January at +6.6% YoY versus a revised +6.8% for December with the month-on-month figure flat on prior month at +2.3%. (source: MNI – Market News).
  • South Korea’s unemployment rate for January came in much lower than forecast.  Following December’s rate at +3.7%, the market had expected an improving trend and forecast January’s result to be +3.2%.  January saw more than 130,000 jobs created and the unemployment rate falling to 2.9% with manufacturing improving from -2.2% in December to -1.2% in January, business/personal services up to 2.8%, from 1.4%.  This a significant turnaround from December when data showed a 52,000 net contraction in jobs for the first contraction in almost four years. (source: MNI – Market News).
  • The KOSPI has had two areas of positivity to drive it this week with discussions on an additional budget by the government and the potential pause in tariffs. The KOSPI is up +0.50% today and on track to gain almost 3% for the week.
  • KRW: an all round good week for the won, gaining +0.29% today and up +0.76% for the week.
  • Korean bonds have had a very strong end to the week with bond yields lower across the curve by 1-3 bps.  Despite today’s move, the KTB 10YR finished the week at 2.86% +3bps for the week. 
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  • South Korea’s acting President called on Korean institutions to “closely monitor and respond to major country’s policies and financial markets trends,” in a bid to prepare the economy for the implementation of US tariffs. (source:  BBG).
  • Export and Import Prices both Decline in January, with December numbers revised downside also.  Export prices in January were +8.5% YoY, down from the revised +10.5% in December.  The month-on-month result was weaker also at +1.2% for January, versus a revised +2.3% in December.  Import prices also were weak in January at +6.6% YoY versus a revised +6.8% for December with the month-on-month figure flat on prior month at +2.3%. (source: MNI – Market News).
  • South Korea’s unemployment rate for January came in much lower than forecast.  Following December’s rate at +3.7%, the market had expected an improving trend and forecast January’s result to be +3.2%.  January saw more than 130,000 jobs created and the unemployment rate falling to 2.9% with manufacturing improving from -2.2% in December to -1.2% in January, business/personal services up to 2.8%, from 1.4%.  This a significant turnaround from December when data showed a 52,000 net contraction in jobs for the first contraction in almost four years. (source: MNI – Market News).
  • The KOSPI has had two areas of positivity to drive it this week with discussions on an additional budget by the government and the potential pause in tariffs. The KOSPI is up +0.50% today and on track to gain almost 3% for the week.
  • KRW: an all round good week for the won, gaining +0.29% today and up +0.76% for the week.
  • Korean bonds have had a very strong end to the week with bond yields lower across the curve by 1-3 bps.  Despite today’s move, the KTB 10YR finished the week at 2.86% +3bps for the week.