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Reporting on key macro data at the time of release.
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Real-time insight of emerging markets in CEMEA, Asia and LatAm region
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Actionable insight on monetary policy, balance sheet and inflation with focus on global issuance. Analysis on key political risk impacting the global markets.
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- In the past few years, we have seen that economic indicators of some heavy-exporter nations such as South Korea have historically led DM indicators.
- Hence, analysts have traditionally used SK exports as one of the key inputs (among other macroeconomic and financial variables) when computing an aggregate leading indicator.
- The chart below shows how strongly the annual growth of SK exports have led SP500 earnings (by 3M) in the past two decades (by 3 months).
- According to this chart, the sharp rebound in SK Exports (up 41% YoY) is still pricing further strength in US equities EPS for the coming months.
- In addition, the global reopening in the US and other developed nations could continue to push risky assets (i.e. equities) to new highs.