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SOUTH KOREA: Country Wrap: Industrial Production Surprises to the Upside.

SOUTH KOREA
EM BulletBulletSouth KoreaAPACEmerging Market News
  • South Korea's institutional investment in foreign securities grew for the fourth successive quarter in the July-September period due to stock market booms in major economies, central bank data showed Friday. (source:  BBG)
  • South Korea’s industrial production surprised to the upside for October at +6.3% y/y, significantly above market expectations of +2.2% y/y. (source: MNI - Market News)
  • South Korea’s KOSPI is the poster child for the equity market weakness today following the BOK’s surprise rate cut yesterday.  The reality of the weakening growth dynamic in the country could not be offset by this morning’s stronger than expected y/y industrial production as the MoM figure was flat.  The KOSPI is on track to finish -3.5% lower, the worst performance of its regional peers.
  • The KRW finished the month in a whimper to complete a torrid month for the export reliant economy, down -0.85%
  • Given the growth downgrade yesterday by the BOK it was no surprise that that bonds rallied into month end down 2-6bps across the curve.  KTB 10-year finishes the month at 2.754% down 35bps.
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  • South Korea's institutional investment in foreign securities grew for the fourth successive quarter in the July-September period due to stock market booms in major economies, central bank data showed Friday. (source:  BBG)
  • South Korea’s industrial production surprised to the upside for October at +6.3% y/y, significantly above market expectations of +2.2% y/y. (source: MNI - Market News)
  • South Korea’s KOSPI is the poster child for the equity market weakness today following the BOK’s surprise rate cut yesterday.  The reality of the weakening growth dynamic in the country could not be offset by this morning’s stronger than expected y/y industrial production as the MoM figure was flat.  The KOSPI is on track to finish -3.5% lower, the worst performance of its regional peers.
  • The KRW finished the month in a whimper to complete a torrid month for the export reliant economy, down -0.85%
  • Given the growth downgrade yesterday by the BOK it was no surprise that that bonds rallied into month end down 2-6bps across the curve.  KTB 10-year finishes the month at 2.754% down 35bps.