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SOUTH KOREA: County Wrap:  CPI Surprises to the Upside. 

SOUTH KOREA
EM BulletBulletSouth KoreaAPACEmerging Market News

 

  • Korea’s January CPI data surprised to the upside with both the year on year and month on month data beating expectations, and higher than December.  Korea’s CPI YoY for January printed at +2.2%, up from +1.9% in December and ahead of market expectations of +2.1%.  Korea’s CPI MoM for January was at +0.7%, up from +0.4% in December and ahead of market expectations of +0.5%. (source: MNI – Market News).
  • South Korea aims to invest at least 34 trillion won ($23 billion) to help companies develop cutting-edge technologies in the battery and biotech sectors citing rising geopolitical tensions and competition from China. (source: BBG).
  • FX Reserves Decline Following Political Turmoil.  The political turmoil in South Korea is showing up in the date with a drop in January’s reported FX reserves.  January’s reserves fell to $411.01bn from $415.60bn as the export orientated economy has had to defend its currency in the wake of severe political upheaval and a potential trade war looming. (source: MNI – Market News).
  • Korea’s KOSPI was one of the bright spots in Asian markets today, up +1.10%, following yesterday’s gain of +1.13%.
  • KRW:  the Won had a better day too for a change gaining +0.135 to be 1,449.41.
  • Bonds: a long end rally today saw yields up to 3bps lower.  KTB 10YR 2.83% (-1.7bp).
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  • Korea’s January CPI data surprised to the upside with both the year on year and month on month data beating expectations, and higher than December.  Korea’s CPI YoY for January printed at +2.2%, up from +1.9% in December and ahead of market expectations of +2.1%.  Korea’s CPI MoM for January was at +0.7%, up from +0.4% in December and ahead of market expectations of +0.5%. (source: MNI – Market News).
  • South Korea aims to invest at least 34 trillion won ($23 billion) to help companies develop cutting-edge technologies in the battery and biotech sectors citing rising geopolitical tensions and competition from China. (source: BBG).
  • FX Reserves Decline Following Political Turmoil.  The political turmoil in South Korea is showing up in the date with a drop in January’s reported FX reserves.  January’s reserves fell to $411.01bn from $415.60bn as the export orientated economy has had to defend its currency in the wake of severe political upheaval and a potential trade war looming. (source: MNI – Market News).
  • Korea’s KOSPI was one of the bright spots in Asian markets today, up +1.10%, following yesterday’s gain of +1.13%.
  • KRW:  the Won had a better day too for a change gaining +0.135 to be 1,449.41.
  • Bonds: a long end rally today saw yields up to 3bps lower.  KTB 10YR 2.83% (-1.7bp).