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Positive Tech Lead Could Offset North Korean Concerns, PMI Out Today


The early focus will be sentiment following a fresh ballistic missile launch by North Korea, which reportedly flew over Japan and landed in the Pacific Ocean. Recent tests haven't influenced sentiment a great deal though. The 1 month NDF finished in NY just under 1432. Last Friday spot USD/KRW ended at 1431.15.

  • South Korean markets were closed yesterday, but the overnight lead from US markets, particularly in the tech space was strong.
  • The SOX +3.76%, and MSCI IT up 2.93% should aid the Kospi today. The focus today could be on whether we can push above 2200 and close above this level.
  • On the data front, note the manufacturing PMI prints today. Last month we had a downbeat 47.6 print. yesterday, Taiwan's print for September edged down to 42.2 from 42.7 in August.
  • In flow news, South Korea's Naver Corp has agreed to buy US based Poshmark for $1.2bn in cash.

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