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☆ Bank of Korea's first rate cut in two years 'understandable', 'not that surprising', says JPMorgan
▼ + stars: | 2024-10-11 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBank of Korea's first rate cut in two years 'understandable', 'not that surprising', says JPMorganPark Seok Gil, chief Korea economist at JPMorgan, suggests the bureau's case for cutting rates was about normalizing policy.

Persons: Seok Gil Organizations: Email Bank, JPMorgan Locations: Korea's, Korea

☆ Asia markets open mostly higher after declines on Wall Street; BOK rate decision in focus
▼ + stars: | 2024-10-11 | by ( Anniek Bao | ) www.cnbc.com time to read: +1 min

Signage for Bank of Korea is displayed atop the central bank's headquarters building in Seoul, South Korea, on Thursday, Aug. 16, 2018. SINGAPORE — Asia-Pacific markets opened mostly higher Friday, breaking ranks with Wall Street that saw key benchmarks slide as investors digested a sticky U.S. inflation report. Investors in Asia are also focused on policy decisions from the Bank of Korea on Friday. South Korea's central bank is expected to deliver its first rate cut since March 2022, according to a Reuters poll, bringing down its benchmark interest rate by 25 basis points to 3.25%. The highly anticipated briefing session is expected to unveil fresh fiscal stimulus package as Beijing attempts to boost its economy.

Organizations: Bank of, Investors, Bank of Korea, China's Ministry of Finance Locations: Bank of Korea, Seoul, South Korea, South Korea's, SINGAPORE — Asia, Pacific, Asia, Korea's, Beijing

South Korea's central bank has cut its benchmark interest rate by 25 basis points to 3.25%, the first rate cut from the BOK since the Federal Reserve started tightening its monetary policy in March 2022. This was in line with a poll of economists from Reuters, who forecasted a rate cut. At that time, South Korea's inflation stood at 2.6%, but climbed sharply to hit 6.3% in July 2022, its highest in over 20 years. Oh noted that macro conditions are supportive of a rate cut, with a "favourable" inflationary backdrop. Oh predicts that after the October cut of 25 basis points, three more consecutive cuts will follow on a quarterly basis, eventually bringing the BOK's benchmark interest rate to 2.5%.

Persons: BOK, Morgan Stanley's, Kathleen Oh, We've, Morgan Stanley Organizations: Bank of, Federal Reserve, Reuters Locations: Bank of Korea, Seoul, Korea's, Korea

☆ Japan's Nikkei opens up 2% as Asia markets mostly climb ahead of a week of central bank decisions
▼ + stars: | 2024-10-07 | by ( Lim Hui Jie | ) www.cnbc.com time to read: 1 min

Asia-Pacific markets mostly climbed on Monday, led by Japan's Nikkei 225 gaining 2% as investors look ahead to a week of central bank decisions from around the region. Three central banks are set to release their interest rate decisions this week, namely the Bank of Korea, the Reserve Bank of New Zealand and the Reserve Bank of India. Economists polled by Reuters expect the BOK and RBNZ to cut rates, while the RBI will hold. The BOK on Friday is expected to lower its benchmark interest rate to 3.25% from 3.5%, while the RBNZ is expected to enact a 50-basis-point cut to 4.75% on Wednesday. Back in August, the RBNZ surprised economists after it lowered its policy rate to 5.25% from 5.5%.

Persons: BOK Organizations: Japan's Nikkei, Bank of, Reserve Bank of New, Reserve Bank of India, Reuters Locations: Seoul . Asia, Pacific, Bank of Korea, Reserve Bank of New Zealand

☆ South Korea inflation cools more than expected as rate cut talk grows
▼ + stars: | 2024-10-02 | by ( ) www.cnbc.com time to read: +1 min

Pedestrians walk past food stalls and shops in the Myeongdong shopping district of Seoul on March 26, 2024. South Korea's consumer inflation cooled more than forecast in September and below the central bank's target for the first time since early 2021, amid growing expectations of an imminent policy easing. The consumer price index rose 1.6% in September from a year earlier, after a rise of 1.9% in August, data from Statistics Korea showed on Wednesday. It was weaker than a median 1.9% increase tipped in a Reuters poll of economists and marked the weakest annual increase since February 2021. The reading was below the Bank of Korea's medium-term target of 2% and comes amid growing talk among policymakers and market participants about an imminent interest rate cut with the next policy meeting scheduled for Oct. 11.

Organizations: Statistics Korea, Bank of Locations: Seoul

☆ North Korea's economy is booming thanks to its arms trade with Russia
▼ + stars: | 2024-07-26 | by ( Filip De Mott | ) www.businessinsider.com time to read: +1 min

North Korea's GDP grew 3.1% in 2023, according to central bank estimates. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementNorth Korea's growing trade ties with Russia are paying off, helping end a three-year downturn, according to the South Korean central bank. The bank's annual report, cited by Bloomberg, found that North Korea's 2023 GDP grew 3.1% in real terms. Since North Korea does not offer official data, indicators tracked by its southern neighbor are relied on instead.

Persons: — Organizations: Bank, Service, Bloomberg, Business Locations: Korea, Russia, Ukraine, Korean, North Korea

☆ Bank of Korea has 'no reason' not to cut interest rates, says portfolio manager
▼ + stars: | 2024-07-12 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBank of Korea has 'no reason' not to cut interest rates, says portfolio managerDayeon Hong of Shinhan Asset Management expects the Bank of Korea to reduce interest rates twice in 2024.

Persons: Dayeon Hong Organizations: Email Bank of, Shinhan, Management, Bank of Locations: Email Bank of Korea, Bank of Korea

☆ Japan's Nikkei smashes past 42,000 mark to all-time high; Asia-Pacific markets climb on tech rally and rate cut hopes
▼ + stars: | 2024-07-11 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +1 min

Commercial and residential buildings are illuminated at dawn in Seoul, South Korea, on Saturday, Oct. 21, 2023. Japan's Nikkei 225 surged to a fresh high on Thursday, crossing the 42,000 mark for the first time. Other Asia-Pacific markets rose on the back of a U.S. Big Tech rally and greater confidence on Federal Reserve rate cuts. Chip stocks were among the biggest winners of the U.S. trading session. In Asia, investors will be watching for any spillover optimism in the region's tech stocks, particularly in Japan, where chip related companies have lifted the Nikkei 225 to record highs.

Persons: Topix Organizations: Nikkei, Big Tech, Taiwan Semiconductor Manufacturing Company, Qualcomm, Broadcom, Bank of Locations: Seoul, South Korea, Asia, Pacific, U.S, Japan

☆ Bank of Korea not likely to cut interest rates yet, says economist
▼ + stars: | 2024-06-04 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBank of Korea not likely to cut interest rates yet, says economistTrinh Nguyen, senior economist at Natixis, says the central bank "has to balance between financial stability and … that deleveraging cycle."

Persons: Trinh Nguyen Organizations: Email Bank of Locations: Email Bank of Korea

☆ Bank of Korea likely to cut rates before inflation hits the 2% target: Morgan Stanley
▼ + stars: | 2024-05-24 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBank of Korea likely to cut rates before inflation hits the 2% target: Morgan StanleyKathleen Oh of Morgan Stanley discusses the effectiveness of fiscal provisions for households in Korea, and her interest rate outlook for the Bank of Korea.

Persons: Morgan Stanley Kathleen Oh, Morgan Stanley Organizations: Email Bank of, Bank of Locations: Email Bank of Korea, Korea, Bank of Korea

☆ Asia markets in mixed territory after Fed raises concern over 'persistent' inflation
▼ + stars: | 2024-05-23 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +1 min

An inflatable bull during a ceremony marking the first day of trading of the year at the Korea Exchange (KRX) headquarters in Seoul, South Korea, Tuesday, Jan. 2, 2024. SeongJoon Cho/Bloomberg via Getty ImagesAsia-Pacific markets were mixed after minutes from the last U.S. Federal Reserve meeting revealed that Fed officials have grown more concerned about inflation, with members indicating they lacked confidence to move forward on interest rate reductions. In Asia, investors will assess flash business activity data from Australia and Japan, as well as Singapore's final first quarter gross domestic figures. South Korea's central bank will be announcing its policy rate decision today. Analysts polled by Reuters expect the Bank of Korea to hold its benchmark lending rate at 3.5%, although a note from ING last week said the meeting will still be closely watched, "as two new members have joined the [BOK's] board since the last meeting and it will be interesting to see if this has changed the view of the board."

Persons: SeongJoon Cho Organizations: Korea Exchange, Bloomberg, Getty Images, Federal Reserve, Reuters, Bank of, ING Locations: Seoul, South Korea, Getty Images Asia, Pacific, U.S, Asia, Australia, Japan, Korea's, Bank of Korea

☆ 'Chaotic era' for Asian currencies: Bank of America is not bullish on any of them
▼ + stars: | 2024-04-24 | by ( Lee Ying Shan | In Ying-Shan-Lee | ) www.cnbc.com time to read: +2 min

The onshore CNY is currently trading at 7.24 per U.S. dollar. The South Korean won recently slipped to an 18-month low of 1,389.5 against the dollar. The Bank of Korea chief called the won volatility "excessive" and said the central bank would intervene if needed. Taiwan dollarBofA also remains negative on the Taiwan dollar given strong equity outflows and life insurance companies' additional unwinding of non-deliverable forward hedges. The Taiwan dollar is currently trading at 32.6 per U.S. dollar.

Persons: SeongJoon Cho Organizations: Korean, Woori, Bloomberg, Getty, U.S, South Korean, Fed, Bank of Korea, U.S ., Taiwan Locations: Seoul, South Korea

☆ Japan and South Korea could coordinate currency intervention, but they may need U.S. support
▼ + stars: | 2024-04-22 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +3 min

SeongJoon Cho | Bloomberg via Getty ImagesInvestors have been monitoring for potential intervention in the Japanese yen, but recent comments have triggered discussion about "coordinated intervention" with South Korea. The currency has struggled, slipping past 150, since the Bank of Japan raised rates in March. Following that volatility, the U.S. last week acknowledged Japan and South Korea's "serious concerns" over the recent sharp depreciation in their currencies. The comments spurred chatter about possible coordinated currency intervention. Brady said South Korea and Japan could amplify their individual messages to the market by coordinating policy, which might also enhance the short-term impact compared to unilateral action.

Persons: SeongJoon Cho, James Brady, Brady Organizations: Korean, Woori, Bloomberg, Getty, U.S ., Bank of, South Korean, greenback, Authorities, Treasury, Bank of Japan Locations: Seoul, South Korea, Bank of Japan, U.S, Japan, South, Tokyo, Bank of Korea

☆ Bank of Korea chief: We're not cutting rates yet as headline inflation is 'quite sticky'
▼ + stars: | 2024-04-17 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBank of Korea chief: We're not cutting rates yet as headline inflation is 'quite sticky'Rhee Chang-yong, governor of the Bank of Korea, says "our problem is that unlike U.S. and Europe, our headline inflation is higher than core inflation."

Persons: We're, Rhee Chang Organizations: Email Bank of Korea, Bank of Locations: Bank of Korea, Europe

☆ Bank of Korea chief says won volatility is a little 'excessive' and will intervene if needed
▼ + stars: | 2024-04-17 | by ( Sumathi Bala | ) www.cnbc.com time to read: +1 min

The Bank of Korea will intervene to control currency volatility if needed, the central bank's chief told CNBC, describing the recent market fluctuations as a little "excessive." Central bank governor Rhee Chang-yong said external factors are fueling the Korean won 's movement. Rhee attributed the won's weakness to the strength of the U.S. dollar as well as geopolitical tensions in the Middle East. Weakness in other Asian currencies like the Japanese yen and Chinese yuan are also affecting the won, he added. The won strengthened on Wednesday to as high as 1,382.6 per dollar, up 1.26% after hitting a 17-month low and breaching a major threshold of 1,400 per dollar on Tuesday.

Persons: Rhee Chang, CNBC's Karen Tso, Rhee Organizations: Bank, CNBC, Korean, U.S Locations: Korea, Washington

☆ South Korea's inflation is 'mostly driven by the supply side,' StanChart says
▼ + stars: | 2024-04-12 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailSouth Korea's inflation is 'mostly driven by the supply side,' StanChart saysChong Hoon Park, head of Korea economic research at Standard Chartered Bank, discusses the Bank of Korea's decision to hold interest rates.

Persons: StanChart, Chong Organizations: Standard Chartered Bank, Bank of Locations: Korea

☆ Asia markets mixed ahead of China trade data; Singapore first-quarter GDP climbs 2.7%
▼ + stars: | 2024-04-12 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +1 min

Asia-Pacific markets were mixed Friday after an inflation-fueled selloff in the previous session, with investor assessing economic data from Singapore and South Korea while awaiting China trade numbers. China's trade data for March will be released later in the day, with exports forecast to fall 2.3% year on year by economists polled by Reuters. The city-state's central bank held its monetary policy steady, leaving the width and level of its policy band unchanged. In contrast to other countries, Singapore uses exchange rate settings for its monetary policy, instead of a benchmark interest rate. South Korea's March unemployment rate rose to 2.8%, while investors awaited the Bank of Korea's rate decision.

Persons: Singapore's Organizations: Reuters, Bank of Locations: Qingdao, Shandong province, Asia, Pacific, Singapore, South Korea, China

☆ Natixis economist discusses South Korea trade data, says growth is not a challenge this year
▼ + stars: | 2024-03-01 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailNatixis economist discusses South Korea trade data, says growth is not a challenge this yearTrinh Nguyen, senior economist at Natixis, discusses South Korea's trade data and the outlook for its monetary policy, saying the Bank of Korea is "very, very, very sensitive to what's happening in financial markets" and it's too early for it to adopt a dovish tone.

Persons: Trinh Nguyen Organizations: South, Bank of Locations: South Korea, Bank of Korea

☆ Asia-Pacific markets, Korea rate decision, Australia and Japan PMI
▼ + stars: | 2024-02-22 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +1 min

Asia-Pacific markets appeared set to trade mixed Thursday, with a slew of economic data from the region on tap, while investors also assess the U.S. Federal Reserve possibly delaying interest rate cuts. In Australia, the S&P/ASX 200 opened marginally higher, up 0.03%, as the nation's Judo Bank composite purchasing managers' index for February showed a return to growth, at 51.8. The monthly index is a leading indicator for business activity in Australia's manufacturing sector. Futures for Hong Kong's Hang Seng index stood at 16,447, pointing to a weaker start compared with the HSI's close of 16,503.1Japan's Nikkei 225 was set to rise as investors awaited the release of Japan's Jibun Bank flash purchasing managers' index. Nikkei futures contract in Chicago was at 38,745 and its counterpart in Osaka was at 38,410 against the index's last close of 38,262.16The Bank of Korea is slated to announce its interest rate decision later, with economists polled by Reuters expecting the bank to hold rates at 3.50%.

Organizations: U.S . Federal, nation's Judo Bank, Futures, Nikkei, Japan's, of, Reuters Locations: Asia, Pacific, Australia, Chicago, Osaka, of Korea

☆ Bank of Korea will be one of the first Asian central banks to cut rates, says Goldman Sachs
▼ + stars: | 2024-02-22 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBank of Korea will be one of the first Asian central banks to cut rates, says Goldman SachsGoohoon Kwon, senior Asia economist at Goldman Sachs, says that's partly because of "the ongoing disinflation trend."

Persons: Goldman Sachs Goohoon Kwon, Goldman Sachs Organizations: Email Bank Locations: Korea, Asia

"With this (decision) Yoon is trying to make sure there is policy continuity in place ahead of election," said Park Sang-hyun, an economist at HI Investment & Securities. "Choi has been long-time finance ministry person and he basically spearheaded major economics policies of the Yoon administration from the very beginning so its a safe choice." Choi has a bachelor's degree from the Seoul National University law school, where Yoon also studied around the same time. Choi's career in government service has been mostly at the finance ministry, overseeing economic policy making, financial market policies, and external business relations. Yoon doesn’t need parliamentary approval to appoint a new finance minister, who also serves as deputy prime minister.

Persons: Yoon Suk, Choi Sang, mok, Choi, Choo, Yoon, Yoon's, Yoon doesn’t, Soo, hyang Choi, Ed Davies Organizations: HI Investment, Securities, Gallup, Bank of, Seoul National University, Thomson Locations: SEOUL, Gallup Korea, Daegu

A shopkeeper naps as she waits for customers at a traditional market in Seoul, South Korea, April 7, 2022. REUTERS/Kim Hong-Ji/File Photo Acquire Licensing RightsSEOUL, Dec 5 (Reuters) - South Korea's inflation eased for the first time in four months in November, bringing relief to policymakers worried about persistent inflation risks as they plan to keep their restrictive monetary policy in place for longer. "Compared to core inflation in the U.S. and Europe that seem to be still in the 4% to 5% range, (South Korea's core inflation) seems to be far more stable," said Finance Minister Choo Kyung-ho at a policy meeting in Seoul. "Considering this, we see inflation stabilizing in a steady manner going forward, unless we face some additional external shocks." The Bank of Korea kept interest rates steady at 3.50% last week at its final policy meeting of the year and signalled it may need to keep interest rates higher for longer to head off persistent inflation risks.

Persons: naps, Kim Hong, Choo Kyung, BOK, Jihoon Lee, Chris Reese, Lincoln Organizations: REUTERS, Rights, Reuters Survey, Bank of, Thomson Locations: Seoul, South Korea, Rights SEOUL, U.S, Europe, Bank of Korea

☆ Goldman Sachs expects the Bank of Korea to start cutting interest rates before the Fed
▼ + stars: | 2023-12-01 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailGoldman Sachs expects the Bank of Korea to start cutting interest rates before the FedGoohoon Kwon of Goldman Sachs discusses the Bank of Korea's decision to hold interest rates at 3.5%. He expects a recovery in exports to prompt the BOK to start cutting rates ahead other Asian central banks.

Persons: Goldman Sachs, Goohoon Kwon, BOK Organizations: Bank of Locations: Bank of Korea

TOKYO (AP) — Asian shares retreated Monday as investors awaited updates on consumer spending and inflation in the U.S. and other nations. While analysts expect them to stand pat on policy, attention remains relatively high, given concerns about inflation. Wall Street ended last week mixed with a half-day trading session that capped a fourth straight winning week. The holiday shopping season kicked off with Black Friday amid concerns that spending may slow under pressure from dwindling savings, rising credit card debt and inflation. The major stock indexes’ latest weekly gains reflect a turnaround in the market’s sentiment in November following a three-month slide.

Persons: ” Yeap Jun Rong, Hong, Hang Seng, Brent, Yuri Kageyama Organizations: TOKYO, Nikkei, IG, Shanghai, Reserve Bank of New, Bank of Korea, Bank of, Black, Dow Jones, Nasdaq, Nvidia, Google, CF Industries, Federal Reserve, Treasury, Benchmark, New York Mercantile Exchange, U.S Locations: U.S, China, Reserve Bank of New Zealand, Bank of Thailand

An electronic board shows stock indexes at the Lujiazui financial district in Shanghai, China, March 21, 2023. REUTERS/Aly Song/File Photo Acquire Licensing RightsNov 7 (Reuters) - A look at the day ahead in Asian markets from Jamie McGeever, financial markets columnist. This is their best run in a year, powered by easing financial conditions in the form of lower U.S. bond yields and a weaker dollar, and renewed faith in the U.S. economic 'soft landing' scenario. Having under-performed global and developed market benchmarks last week, Asian stocks could be set to outperform this week. Skeptical foreign investors will need more than one month of slowing imports and exports decline though.

Persons: Aly, Jamie McGeever, Goldman Sachs, Deepa Babington Organizations: REUTERS, Bank of Korea, Thomson, Reuters Locations: Shanghai, China, U.S, India, Asia, Taiwan, Philippines, Indonesia, Japan, Australia

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