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The South Korean government bonds slumped Thursday after data showed that country’s exports recovered for the first time in twenty months.
The 10-year bonds yield, which moves inversely to its price, increased nearly 5 basis points to 1.526 percent and short-term 3-year bonds yield bounced 2-1/2 basis points to 1.335 percent.
South Korea’s exports rose unexpectedly in August by 2.6 percent y/y after dwindled 10.3 percent y/y in July. The market expatiations were for 0.5 percent y/y fall. Additionally, imports increased by 0.1 percent y/y in August after dipping 13.6 percent y/y in July, analyst were estimating for 2.2 percent y/y fall. However, trade surplus narrowed to 5.3 billion US dollar in August from 7.6 billion US dollar in July.
Also, consumer prices rose by 0.4 percent y/y in August after 0.7 percent y/y increase in July; estimates were for 0.7 percent y/y rise.
Moreover, it is worth remembering that the Bank of Korea in its August policy meeting left the key policy rate unchanged at its record low of 1.25 percent after cutting 25 basis points in June. Moreover, the central bank governor Lee Ju-yeol said that the central bank would maintain its accommodative policy stance, adding that monetary and fiscal stimulus would boost GDP growth by 0.2 percentage points.
The next central bank policy meeting is scheduled to be held on September 9 and we foresee that if inflation and GDP growth fail to improve over the coming months, such a 25 basis point cut is possible.
Lastly, apart from consumer inflation investors will also remain keen to focus on the upcoming trade, PMIs and GDP figures.
Meanwhile, The Korea Composite Stock Price Index (KOSPI) ended 0.09 percent lower at 2,032.72 points.
