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IP Y/Y Momentum Ticks Down, Retail Sales Softer In April

SOUTH KOREA

South Korean industrial production was a touch better in m/m terms in Apr, -1.2%, versus -2.0% forecast. The prior was also revised up a touch to 5.3%, from 5.1%. Still, the y/y number was -8.9%, versus -7.8% forecast and -7.6% prior. We are recent lows from a momentum standpoint (-13.4% y/y in Jan) but the turnaround has been modest. The average operating ratio eased to 71.2% from 72.0%.

  • Elsewhere a retail sales measure fell 2.3%m/m, but facilities investment rose 0.9% m/m.
  • The Apr cyclical leading index was -0.2, the same as the prior -0.2 for Mar. We are up off recent lows of -0.40.

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