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SOUTH KOREA: Country Wrap:   Sentiment Still in the Doldrums Despite Rise.

SOUTH KOREA
EM BulletBulletSouth KoreaAPACEmerging Market News
  • South Korea’s manufacturers business sentiment index for January rose to 89 from a revised 87.1 in December.  The key theme arising from the survey was weak domestic demand. The non-manufacturing composite actually saw a decline to 83.6 for January from 87.5. (source: MNI – Market News).
  • GDP Disappoints Paving Way for February Rate Cut.  Korea’s fourth quarter GDP YoY print of +1.2% was below expectations of +1.4% and a contraction from Q3 result of +1.5% delivering an annualized return for 2024 of 2.0%.  The original estimate for 2024 GDP expansion was +2.1%.  The month on month figure of +0.1% points to the general malaise in the Korean economy (as highlighted by today’s manufacturing survey release).  4Q manufacturing MoM +0.1%, services +0.3%. (source MNI – Market News).
  • The KOSPI didn’t follow the positivity from China falling -0.77%.
  • KRW:  another quiet day for the currency, losing just -0.028% to be 1,436.48.
  • Bonds:  intermediate maturities rallied today with the 5YR the best performer at 2.687% (-1bps) 
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  • South Korea’s manufacturers business sentiment index for January rose to 89 from a revised 87.1 in December.  The key theme arising from the survey was weak domestic demand. The non-manufacturing composite actually saw a decline to 83.6 for January from 87.5. (source: MNI – Market News).
  • GDP Disappoints Paving Way for February Rate Cut.  Korea’s fourth quarter GDP YoY print of +1.2% was below expectations of +1.4% and a contraction from Q3 result of +1.5% delivering an annualized return for 2024 of 2.0%.  The original estimate for 2024 GDP expansion was +2.1%.  The month on month figure of +0.1% points to the general malaise in the Korean economy (as highlighted by today’s manufacturing survey release).  4Q manufacturing MoM +0.1%, services +0.3%. (source MNI – Market News).
  • The KOSPI didn’t follow the positivity from China falling -0.77%.
  • KRW:  another quiet day for the currency, losing just -0.028% to be 1,436.48.
  • Bonds:  intermediate maturities rallied today with the 5YR the best performer at 2.687% (-1bps)