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MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
SOUTH KOREA
One of the sub-components from the South Korean business survey (conducted by the BoK & released this morning) gauges manufacturers expectations for exports. The chart below plots these expectations against Korean headline y/y export growth. The two series share a reasonable correlation, with a further loss of export momentum expected based off the outlook from manufacturers.
- This fits with the broader backdrop of softer global growth expectations. We have also had disappointing earnings updates from names in the tech space. This came through from US names late in the NY session, but also South Korean chipmaker SK Hynix noted this morning an 'unprecedented' slowdown in demand in its Q3 earnings update (see this Bloomberg story for more details). Samsung SDI just reported better than expected earnings and profits for Q3, providing some offset.
Fig 1: South Korean Manufacturers Expecting A Further Slowdown In Export Growth
Source: BoK/MNI - Market News/Bloomberg
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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