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Headline Business Sentiment Readings Improve, But Details Mixed

SOUTH KOREA
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Earlier today, South Korean manufacturing and non-manufacturing sentiment edged higher for April. The manufacturing reading firmed to 69 from 66, while the most recent trough was in Feb at 65. For non-manufacturing we are now back at 75, with the Feb trough being at 70. For both indices we are still well below average levels seen in 2022, but the recent moves higher will be welcomed by the authorities.

  • These prints come after yesterday's improvement in consumer sentiment to 92.0 (a 9 month high).
  • Today's manufacturing sentiment reading tends to align closely with y/y GDP momentum for South Korea, see the first chart below.
  • It may be too early to call a definitive turn around though, as manufacturing new orders slipped further to 73 (from 75), while inventory levels also remained high. The export outlook improved, but only modestly, see the second chart below.
  • There was more evidence of an improvement in domestically orientated manufacturers.

Fig 1: South Korean Manufacturing Sentiment Versus Y/Y GDP

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Earlier today, South Korean manufacturing and non-manufacturing sentiment edged higher for April. The manufacturing reading firmed to 69 from 66, while the most recent trough was in Feb at 65. For non-manufacturing we are now back at 75, with the Feb trough being at 70. For both indices we are still well below average levels seen in 2022, but the recent moves higher will be welcomed by the authorities.

  • These prints come after yesterday's improvement in consumer sentiment to 92.0 (a 9 month high).
  • Today's manufacturing sentiment reading tends to align closely with y/y GDP momentum for South Korea, see the first chart below.
  • It may be too early to call a definitive turn around though, as manufacturing new orders slipped further to 73 (from 75), while inventory levels also remained high. The export outlook improved, but only modestly, see the second chart below.
  • There was more evidence of an improvement in domestically orientated manufacturers.

Fig 1: South Korean Manufacturing Sentiment Versus Y/Y GDP

Keep reading...Show less