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☆ It's premature to talk about a pivot to cutting interest rates, says Bank of Korea chief
▼ + stars: | 2023-05-03 | 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 EmailIt's premature to talk about a pivot to cutting interest rates, says Bank of Korea chiefRhee Chang-yong, Bank of Korea governor, says the central bank has made it clear that core inflation is still well above its target.

☆ Bank of Korea governor says it's 'premature' to talk about rate cuts
▼ + stars: | 2023-05-03 | by ( Jihye Lee | ) www.cnbc.com time to read: +1 min

Rhee Chang-yong, governor of the Bank of Korea, at an event during the spring meetings of the International Monetary Fund (IMF) and World Bank in Washington, DC, US, on Friday, April 14, 2023. Bank of Korea Governor Rhee Chang-yong says it's too early to start talking about rate cuts. The South Korean central bank was one of the first to pause its tightening cycle, spurring market speculation that it could soon begin cutting rates. But Rhee told CNBC's Chery Kang at the Asian Development Bank's annual meeting Incheon that those expectations are "premature." "We paused our interest rate [hikes] in the last two meetings because we have increased our interest rate by 300 basis points in 1½ years, very fast in pace.

☆ CNBC Daily Open: The final hike?
▼ + stars: | 2023-05-03 | by ( Jihye Lee | ) www.cnbc.com time to read: +2 min

This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. That happened to be the name of Paul Volcker's autobiography: 'Keeping at It.' Jerome Powell is literally taking a page out of Paul Volcker's playbook," said Conzo. Subscribe here to get this report sent directly to your inbox each morning before markets open.

☆ South Korea inflation hits 14-month low, backs view rate-hike cycle is over
▼ + stars: | 2023-05-02 | by ( Choonsik Yoo | ) www.reuters.com time to read: +1 min

SEOUL, May 2 (Reuters) - South Korea's consumer inflation eased for a third consecutive month to a 14-month low in April and the central bank expects the downward trend to persist for some time, supporting the market's view that its policy tightening cycle is over. The consumer price index (CPI) stood 3.7% higher in April than a year earlier, the Statistics Korea data showed on Tuesday, marking the slowest growth since February last year and following a 4.2% increase in March. The Bank of Korea (BOK) issued a broadly dovish statement, although it repeated that uncertainty remained high over the future path of inflation. "The consumer price growth will show a clearly slowing trend through the middle of this year, while the core price growth will show a trend of easing at a slower pace than the headline inflation," it said. The central bank held interest rates steady at the last two successive policy meetings after raising them by 300 basis points since late 2021.

☆ Bank of Korea sees rapid pace of inflation easing for awhile
▼ + stars: | 2023-05-02 | by ( ) www.reuters.com time to read: 1 min

SEOUL, May 2 (Reuters) - South Korea's central bank said on Tuesday inflation would keep easing at a rapid pace through the middle of this year, although core inflation would ease at a slower pace. Reporting by Choonsik Yoo; Editing by Kim CoghillOur Standards: The Thomson Reuters Trust Principles.

☆ South Korea April inflation eases to 14-month low, matches expectations
▼ + stars: | 2023-05-01 | by ( ) www.reuters.com time to read: +1 min

SEOUL, May 2 (Reuters) - South Korea's consumer inflation eased for a third consecutive month to a 14-month low in April on an annual basis, data showed on Tuesday, supporting the market's perception that the central bank's policy tightening cycle is over. The consumer price index (CPI) stood 3.7% higher in April than a year earlier, the Statistics Korea data showed, marking the slowest growth since February last year and following a 4.2% increase in March. Despite the sustained cooling in annual inflation, other measures showed inflation pressure was far from disappearing as prices rose on a monthly basis and annual inflation held steady when excluding volatile items. The CPI rose 0.2% in April from March, gaining for a fifth consecutive month, while the annual growth in the index excluding foods and energy items held steady at 4.0% for a third consecutive month, the data showed. The official target for the Bank of Korea's monetary policy is managing the broadest CPI growth at around 2% on an annual basis.

☆ South Korea to join global stress test on banks
▼ + stars: | 2023-04-24 | by ( ) www.reuters.com time to read: +1 min

SEOUL, April 24 (Reuters) - South Korea will voluntarily join a global stress test on banks, hoping to gain from a thorough analysis of risks they face on an international level, the country's central bank and its financial regulator said on Monday. The Bank of Korea and the Financial Supervisory Service said in a joint statement that the country has decided to join the test led by the Financial Stability Board and the Basel Committee on Banking Supervision. The test involves countries submitting data on their banks so that it can be analysed and compared on a global context. "It will allow (the participating countries) to conduct an elaborate assessment of financial stability on a global level such as contagion effects due to the global interconnection," the South Korean agencies said. South Korea is not required to join the test as none of its banks are classified as globally systemically important banks, but is keen on monitoring global contagion risks.

☆ South Korea March producer inflation eases to weakest in 25 months
▼ + stars: | 2023-04-20 | by ( ) www.reuters.com time to read: 1 min

SEOUL, April 21 (Reuters) - South Korea's producer inflation slowed in March to the weakest level in 25 months, central bank data showed on Friday, led by agricultural and petroleum products. The producer price index stood 3.3% higher in March than a year before, compared with 4.8% in February, according to the Bank of Korea. The index rose 0.1% on a monthly basis, marking the third straight monthly rise, but that was slower than gains of 0.2% and 0.4% in February and January. Prices of agricultural products fell 4.6% from the previous month, while coal and petroleum products were down 1.3%, contributing to the slowdown in inflation. Reporting by Jihoon Lee; Editing by Kim CoghillOur Standards: The Thomson Reuters Trust Principles.

☆ Asia markets mostly rise ahead of U.S. inflation report, bank earnings
▼ + stars: | 2023-04-12 | by ( Jihye Lee | ) www.cnbc.com time to read: +1 min

Sydney Harbour taking in the Harbour Bridge, Opera House and ferries at sunrise during the COVID-19 pandemic on April 20, 2020 in Sydney, Australia. Markets in the Asia-Pacific mostly rose on Wednesday as investors await key U.S. inflation data that will determine the Federal Reserve's path forward in its tightening cycle. Economists polled by Dow Jones expect a 6% year-over-year increase in the U.S. consumer price index. New York Fed President John Williams emphasized in an interview with Yahoo Finance overnight that the central bank will remain "data dependent." In Japan, the Nikkei 225 rose 0.4% and the Topix gained 0.6% as traders further digested Japan's producer price index and machinery orders report.

☆ Oil steady on China demand concerns with US inflation in focus
▼ + stars: | 2023-04-11 | by ( Noah Browning | ) www.reuters.com time to read: +2 min

Summary China consumer inflation drop points to weak demandU.S. inflation report due WednesdayComing up: API data on US crude stocks at 4:30 p.m. Brent crude futures slipped 18 cents, or 0.2%, to $84 a barrel by 1102 GMT, while U.S. West Texas Intermediate futures eased 12 cents, or 0.1%, to $79.62 a barrel. A U.S. inflation report to be released on Wednesday could help investors gauge the near-term trajectory for interest rates. "The short-term crude demand outlook will soon be clearer. "Wall Street should have a strong handle on the trajectory of the economy after it gets a pivotal inflation report."

Summary China consumer inflation drop spurs stimulus casePOLL-US crude, product stockpiles seen down last weekComing up: API data on US crude stocks at 4:30 p.m. ETCHENNAI, April 11 (Reuters) - Oil prices rose on Tuesday on expectations of potential economic stimulus by China, healthy demand in the rest of Asia and a drop in U.S. crude stockpiles. Brent crude futures rose 64 cents, or 0.8%, to $84.82 a barrel at 0557 GMT, while U.S. West Texas Intermediate futures gained 67 cents, or 0.8%, to $80.41 a barrel. Crude futures also climbed as the dollar eased on expectations that the U.S. Federal Reserve is getting closer to ending its rate hike cycle. Signs of strong fuel demand in India, the world's third-biggest oil consumer, in March also supported prices.

☆ Morning Bid: Asia stocks bounce as dovish central banks lift the mood
▼ + stars: | 2023-04-11 | by ( ) www.reuters.com time to read: +2 min

A look at the day ahead in European and global markets from Kevin Buckland. The local stock price reaction was muted though: Hong Kong's Hang Seng was up 0.9% while mainland benchmarks were flat. Bitcoin, meanwhile, soared as high as $30,438 in Asia for the first time in 10 months, smashing out of recent ranges. Europe returns to trading with very little on the economic calendar aside from euro zone retail sales for February and the Sentix business survey. Reuters Graphics Reuters GraphicsKey developments that could influence markets on Tuesday:Sentix indexEuro zone retail salesFirst Republic financial resultsReporting by Kevin Buckland; Editing by Edmund KlamannOur Standards: The Thomson Reuters Trust Principles.

☆ Bank of Korea holds policy rate steady at 3.50%, as expected
▼ + stars: | 2023-04-11 | by ( ) www.reuters.com time to read: +1 min

SEOUL, April 11 (Reuters) - South Korea's central bank on Tuesday held interest rates steady for a second consecutive meeting, as expected, faced with conflicting risks from still high inflation, a slowing economy and heightened financial uncertainty. The Bank of Korea said its seven-member monetary policy board voted to keep the base rate (KROCRT=ECI) unchanged at 3.50%, as it did on Feb. 23. The decision was in line with predictions from 39 out of 40 economists surveyed by Reuters, while one respondent had forecast a 25-basis-point hike. It is the first time the Bank of Korea has kept the policy rate steady at successive meetings since it embarked on a tightening campaign in August 2021. Reporting by Choonsik Yoo and Jihoon Lee; Editing by Sonali PaulOur Standards: The Thomson Reuters Trust Principles.

☆ Bank of Korea holds rates at 3.5%; Asia markets rise
▼ + stars: | 2023-04-11 | by ( Jihye Lee | ) www.cnbc.com time to read: 1 min

Stocks in the Asia-Pacific rose on Tuesday as the Bank of Korea held interest rates at 3.5%, in line with expectations. Economists polled by Reuters were expecting the central bank to hold rates for second consecutive time as the nation grapples with an inflation rate of 4.2%. In Japan, the Nikkei 225 rose 0.97% in its first hour of trade and the Topix gained 0.6%. China's inflation figures will be released as well, with Reuters expecting to see a 1% rise in its consumer price index compared to a year ago and no change month-on-month. China's producer price index is forecast to see a drop of 2.5% after seeing a decline of 1.4% in the previous month year-on-year.

☆ We don't expect BoK to further hike rates this year: Goldman Sachs
▼ + stars: | 2023-04-11 | 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 EmailThere's no real chance of a further hike in interest rates from the Bank of Korea: Goldman SachsGoohoon Kwon of the investment bank says a cut in interest rates is likely in the fourth quarter.

[1/2] The logo of the Bank of Korea is seen in Seoul, South Korea, November 30, 2017. The Bank of Korea said its seven-member monetary policy board voted to keep the base rate (KROCRT=ECI) unchanged at 3.50%, as it did on Feb. 23. Local markets showed a muted reaction as investors waited Governor Rhee Chang-yong's news conference from 0210 GMT. It is the first time the Bank of Korea has kept the policy rate steady at successive meetings since it embarked on a tightening campaign in August 2021. Reporting by Choonsik Yoo and Jihoon Lee; Editing by Sonali PaulOur Standards: The Thomson Reuters Trust Principles.

☆ South Korea data shows uneven economic recovery, suggests steady rates
▼ + stars: | 2023-03-30 | by ( Choonsik Yoo | ) www.reuters.com time to read: +2 min

SEOUL, March 31 (Reuters) - South Korea's factory output slumped while retail sales jumped in February, data showed on Friday, signalling an uneven economic recovery and bolstering the market's view that the central bank will keep rates on hold for the rest of the year. The industrial output index fell 3.2% in February from the month before after a 2.4% gain in January, while the retail sales index jumped 5.3% month-on-month after a 1.1% drop in January, according to Statistics Korea. South Korea's central bank, which started raising interest rates in August 2021 ahead of most central banks, has raised the policy rate by 300 basis points from just 0.5% but kept it unchanged at its latest meeting in February. Bank of Korea Governor Rhee Chang-yong told reporters after the February decision that the central bank would not resume its rate hikes if inflation continued to moderate. Economists said the robust retail sales data could be temporary given the worsening outlook for exports, which influence a wide range of economic activity in South Korea.

☆ S.Korea inflation slowest in 10 months, bolsters views for no more hikes
▼ + stars: | 2023-03-06 | by ( Jihoon Lee | ) www.reuters.com time to read: +2 min

The consumer price index rose 4.8% in February from a year before, Statistics Korea data showed on Monday, easing from January's 5.2%. By product category, prices of livestock products fell 3.2% from the previous month and petroleum products slid 1.3%, dragging the inflation rate lower. The inflation index rose 0.3% on a monthly basis, compared with 0.8% in the previous month and 0.5% expected by economists. The BOK held interest rates steady last month, after a year of uninterrupted hikes, and said the monetary tightening campaign would not resume if inflation followed an expected path towards moderation. Finance Minister Choo Kyung-ho separately said that the inflation slowdown would become clearer going forward, unless there were an external shock.

[1/2] Kim Tae-hyun, Chairman & CEO of South Korea's National Pension Service, speaks during an interview with Reuters in Seoul, South Korea, March 3, 2023. National Pension Service/Handout via REUTERSSEOUL, March 6 (Reuters) - South Korea's National Pension Service (NPS), manager of the world's third-largest public pension fund, will collaborate with foreign exchange authorities when needed to help stabilise the market, its chairman told Reuters. "Based on last year's experience, we have prepared measures aimed at easing dollar demand and volatility in the foreign exchange market," Kim said. "A predictable and stable foreign exchange rate is also advantageous to us," he said, adding that cooperation with foreign exchange authorities would be based on achieving good investment returns. With the fund expected to be depleted by 2055, his top priority is to provide support for the government's plan to reform the national pension system, he said.

☆ Nvidia cheer ripples through chips as investors assess Fed minutes
▼ + stars: | 2023-02-23 | by ( Huw Jones | ) www.reuters.com time to read: +5 min

[1/3] The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, January 24, 2023. The MSCI all country share index (.MIWD00000PUS) was slightly firmer, adding to the year's 4.5% advance, after falling nearly 20% in 2022. The yield on 10-year Treasury was slightly firmer at 3.9254%. The Australian and New Zealand dollar were both slightly firmer against the dollar. Fed officials Mary Daly and Raphael Bostic are also due to make appearances later on Thursday.

☆ Morning Bid: A new R*
▼ + stars: | 2023-02-23 | by ( ) www.reuters.com time to read: +3 min

REUTERS/Joshua RobertsA look at the day ahead in European and global markets from Wayne Cole. While it held rates at 3.5% as expected, the commentary warned that restrictive policy would be needed for a "considerable time". Indeed, it's looking like global supply chains will never be the same, what with the pandemic, the Russian-Ukraine war and Sino-U.S. tensions. Most developed nations also face a decline in working-age populations and sharply rising dependency ratios. All of which suggests higher inflation is here to stay and the neutral level of real interest rates has shifted upward.

☆ Asia stocks see bright side after Nvidia sounds upbeat
▼ + stars: | 2023-02-23 | by ( Tom Westbrook | ) www.reuters.com time to read: +4 min

Shares in the giant Taiwan Semiconductor Manufacturing Co (2330.TW) rose 2.2% to lift Taiwan's benchmark (.TWII) 1.3%. A 4% gain for SK Hynix (000660.KS) and a 2% gain for Samsung (005930.KS) drove South Korea's Kospi (.KS11) 1% higher. The Bank of Korea also offered some relief by ending a year-long run of uninterrupted rate hikes with a pause - as expected. Wall Street indexes fell overnight and are eyeing their worst week of the year so far as stronger-than-forecast U.S. labour, inflation, retail sales and manufacturing figures have traders pricing interest rates staying higher for longer. "Markets have been forced to reprice interest rate expectations, not just higher, but also questioning the view that once peak rates are hit, central banks will pivot quickly to cutting interest rates," said ANZ economist Finn Robinson.

☆ Stocks struggle to make headway as rate rises loom
▼ + stars: | 2023-02-23 | by ( Tom Westbrook | ) www.reuters.com time to read: +4 min

MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) touched its lowest since Jan. 6 in early trade. Nasdaq futures (.NQc1) rose 0.9% after a revenue beat at chip designer Nvidia (NVDA.O) sent its shares up 9% after-hours. Oil nursed sharp overnight losses, and Brent crude futures clung to support around $80 a barrel on Thursday. "Markets have been forced to reprice interest rate expectations, not just higher, but also questioning the view that once peak rates are hit, central banks will pivot quickly to cutting interest rates," said ANZ economist Finn Robinson. The Bank of Korea did, however, offer some dose of relief by ending a year-long run of uninterrupted rate hikes with a pause.

☆ Bank of Korea holds rates after year of non-stop hikes
▼ + stars: | 2023-02-23 | by ( ) www.reuters.com time to read: 1 min

SEOUL, Feb 23 (Reuters) - South Korea's central bank kept interest rates unchanged on Thursday, matching market expectations and ending an uninterrupted run of hikes for a year. The Bank of Korea's monetary policy board held its policy interest rate (KROCRT=ECI) steady at 3.50%, in line with a unanimous call by the 42 economists in a Reuters poll. Governor Rhee Chang-yong is due to hold a news conference soon. Reporting by Choonsik Yoo and Jihoon Lee; Editing by Jacqueline WongOur Standards: The Thomson Reuters Trust Principles.

☆ Asia-Pacific markets mixed as investors digest Fed minutes
▼ + stars: | 2023-02-23 | by ( Lim Hui Jie | ) www.cnbc.com time to read: 1 min

"Singapore's external sector had another very tough month in January, and we doubt this marks the bottom," an economist said. Asia Pacific markets opened mixed on Thursday after the U.S. Federal Reserve released the minutes of its most recent meeting that showed central bank members are still committed to fighting inflation with rate hikes. The S&P/ASX 200 opened 0.21% lower, while the South Korean Kospi started the day 0.5% higher and the Kosdaq rose 0.45% higher. A poll of 42 economists expect the Bank of Korea to hold its lending rate at 3.5%. Hong Kong and Singapore are expected to release their consumer price indexes, with Singapore's CPI expected to come in at 7.1% for January.

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