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SOUTH KOREA:  Korea Country Wrap:  Opposition Proposes Stimulus. 

SOUTH KOREA
EM BulletBulletSouth KoreaAPACEmerging Market News
  • The political situation in Korea got more confusing today as the Opposition proposed a KRW30 tn extra budget.  Aimed at shoring up an economy in which confidence was lacking, it comes in response to the Central Bank Governor pushing back on immediate rate cuts and suggesting that fiscal support is needed.  Economic growth has stalled in Korea since the impeachment of the President leading to a new leader.  The opposition presented the extra budget idea alongside calls to support the tech sector through policies to support AI development and renewable energy. (source: MNI – Market News).
  • South Korean government and the parliament are considering providing cash subsidy instead of tax credits to companies building battery production facilities in the nation, Korea Economic Daily says, citing unidentified industry sources. (source: BBG).
  • Having barely held in positive territory last week, the KOSPI is again holding on to minor gains up +0.12%
  • KRW: bucking the trend of regional peers the Won is up today despite tariff headlines, gaining by +.243% at 1451.06
  • Bonds: bond yields were higher across the curve following headlines of the proposed stimulus from the opposition.  The underperformer was the 2YR at 2.719% +3bps in yield.  
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  • The political situation in Korea got more confusing today as the Opposition proposed a KRW30 tn extra budget.  Aimed at shoring up an economy in which confidence was lacking, it comes in response to the Central Bank Governor pushing back on immediate rate cuts and suggesting that fiscal support is needed.  Economic growth has stalled in Korea since the impeachment of the President leading to a new leader.  The opposition presented the extra budget idea alongside calls to support the tech sector through policies to support AI development and renewable energy. (source: MNI – Market News).
  • South Korean government and the parliament are considering providing cash subsidy instead of tax credits to companies building battery production facilities in the nation, Korea Economic Daily says, citing unidentified industry sources. (source: BBG).
  • Having barely held in positive territory last week, the KOSPI is again holding on to minor gains up +0.12%
  • KRW: bucking the trend of regional peers the Won is up today despite tariff headlines, gaining by +.243% at 1451.06
  • Bonds: bond yields were higher across the curve following headlines of the proposed stimulus from the opposition.  The underperformer was the 2YR at 2.719% +3bps in yield.