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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
The October BoK manufacturing and service business sentiment readings were mixed. On the manufacturing side the headline index slipped to 67, from 69 in September. We are above earlier 2023 lows of 65, but only at the margin.
- Most of the detail was softer relative to the September read. New orders fell to 73 from 75, while inventories climbed to 106 from 102. Domestic sale expectations also slipped.
- The export outlook fell noticeably, back to 62 from 66 in September. This puts the export index back to March lows.
- The chart below overlays this index against South Korea y/y export growth. It is not suggesting much of a rebound at this stage.
Fig 1: South Korean Manufacturers Export Expectations & Exports Y/Y
Source: MNI - Market News/Bloomberg/BOK
- Sentiment was better in the services or non-manufacturing side. We ticked up to 77 in October from 76 in September. Most of the sub-indices improved, although we are comfortably below 2022 highs.
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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