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☆ 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.

☆ 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.

Asian stocks are on course for their fourth down week in a row, the MSCI World index and the S&P 500 are eyeing their biggest weekly fall this year, and U.S. breakeven inflation rates are sailing up to 2.50% and beyond. A lower oil price, of course, is disinflationary, and base effects right now also mean that Brent crude is 17% cheaper today than it was a year ago. chartMinutes from the Fed's Jan. 31 to Feb. 1 policy meeting showed that most rate-setters voted to slow the pace of tightening. The Bank of Korea is expected to leave interest rates on hold at 3.50% on Thursday, and leave it there for the rest of the year, according to a Reuters poll. Consumer price inflation in January was 5.20%, well over double the central bank's 2.00% target and unlikely to return there for at least another year, economists reckon.

☆ Bank of Korea to hold rates despite still high inflation: Reuters Poll
▼ + stars: | 2023-02-21 | by ( Anant Chandak | ) www.reuters.com time to read: +2 min

BENGALURU (Reuters) - The Bank of Korea will hold its base interest rate at 3.50% on Thursday and for the rest of this year, suggesting its longest tightening cycle on record is over despite still high inflation, a Reuters poll of economists found. FILE PHOTO: The logo of the Bank of Korea is seen on the top of its building in Seoul, South Korea, July 14, 2016. All 42 economists polled Feb. 13-20 predicted no change to the 3.50% base rate, already the highest since late 2008, at the central bank’s Feb. 23 meeting. Only a few respondents expected rates to climb above 3.50% at some point this year, while nearly half expected at least one rate cut by year-end. “Towards the year-end, we expect inflation to converge towards the BOK’s medium-term goal, which would therefore open up the room for the BOK to start cutting rates to bring policy into more neutral territory,” Derrick Kam, Asia economist at Morgan Stanley, said.

☆ Bank of Korea to hold rates despite still high inflation - Reuters poll
▼ + stars: | 2023-02-21 | by ( Anant Chandak | ) www.reuters.com time to read: +3 min

SummarySummary Companies BOK to hold base rate at 3.50% at Feb. 23 meetingBENGALURU, Feb 21 (Reuters) - The Bank of Korea will hold its base interest rate at 3.50% on Thursday and for the rest of this year, suggesting its longest tightening cycle on record is over despite still high inflation, a Reuters poll of economists found. All 42 economists polled Feb. 13-20 predicted no change to the 3.50% base rate (KROCRT=ECI), already the highest since late 2008, at the central bank's Feb. 23 meeting. Only a few respondents expected rates to climb above 3.50% at some point this year, while nearly half expected at least one rate cut by year-end. We expect the first rate cut to materialise in 2024, when we expect inflation to settle around the 2% mark and the U.S. (Federal Reserve) to pivot." The BOK's stance differs from many other global central banks that are expected to carry on raising interest rates, including the Fed.

☆ Looting and hygiene worries add to rescuers' burden in Turkey
▼ + stars: | 2023-02-11 | by ( Ali Kucukgocmen | ) www.reuters.com time to read: +3 min

ANTAKYA, Turkey, Feb 11 (Reuters) - Volunteers struggling to find ever fewer survivors in the quake-hit Turkish city of Antakya said on Saturday ransacking and hygiene problems were adding to their daunting task. One resident, searching for a colleague buried in a collapsed building, said he witnessed looting in the first days after Monday's quake before leaving the city for a village. "If people don't die here under the rubble, they'll die from injuries, if not they will die from infection. We have toilet problems, I am scared that some disease will spread," said one man, who declined to give his name and who travelled from Antalya to help in rescue operations. Reporting by Ali Kucukgocmen; Writing by Daren Butler and Ezgi Erkoyun; Editing by Andrew CawthorneOur Standards: The Thomson Reuters Trust Principles.

☆ Oil falls 1% as rate hikes loom and Russian flows stay strong
▼ + stars: | 2023-01-30 | by ( Arathy Somasekhar | ) www.reuters.com time to read: +2 min

FILE PHOTO: Pump jacks operate at sunset in an oil field in Midland, Texas U.S. August 22, 2018. REUTERS/Nick Oxford/File PhotoInvestors expect the U.S. Federal Reserve to raise rates by 25 basis points on Wednesday, followed the day after by half-point increases by the Bank of England and European Central Bank. The OPEC+ panel meeting is unlikely to tweak output policy, three OPEC+ delegates told Reuters on Monday. OPEC+ could “surprise markets with a small cut”, oil broker PVM said, adding it was unlikely to tweak policy. The world’s biggest crude importer pledged over the weekend to promote a consumption recovery that would support demand.

☆ Oil falls 2% as rate hikes loom and Russian flows stay strong
▼ + stars: | 2023-01-30 | by ( Arathy Somasekhar | ) www.reuters.com time to read: +3 min

HOUSTON (Reuters) -Oil prices dipped 2% on Monday, extending losses as looming increases to interest rates by major central banks weighed on demand and Russian exports remained strong. FILE PHOTO: Pump jacks operate at sunset in an oil field in Midland, Texas U.S. August 22, 2018. REUTERS/Nick Oxford/File PhotoInvestors expect the U.S. Federal Reserve to raise rates by 25 basis points on Wednesday, followed the day after by half-point increases by the Bank of England and European Central Bank. The OPEC+ panel meeting is unlikely to tweak output policy, three OPEC+ delegates told Reuters on Monday. OPEC+ could “surprise markets with a small cut”, oil broker PVM said, adding it was unlikely to tweak policy.

☆ Grace Young Wants to Keep Chinatown Restaurants in Business
▼ + stars: | 2023-01-27 | by ( Emily Bobrow | ) www.wsj.com time to read: +1 min

Growing up in San Francisco, Grace Young watched her father shop daily in Chinatown for whatever he needed to make traditional Cantonese meals at home. As an award-winning cookbook author and culinary historian, Ms. Young, 66, has spent decades shopping the same way in New York’s Chinatown, going to one store for meats, another for produce. When Ms. Young saw these familiar streets empty out at the start of the Covid-19 pandemic in 2020, she sensed that a way of life she had taken for granted was suddenly under threat. Misinformation about Asian-Americans carrying the virus hit Chinese businesses especially hard. “I realized I hadn’t truly appreciated how much Chinatown means to me.”

☆ South Korea's Q4 GDP likely shrank, hints at possible recession - Reuters poll
▼ + stars: | 2023-01-20 | by ( Veronica Dudei Maia Khongwir | ) www.reuters.com time to read: +3 min

Asia's fourth-largest economy is expected to have shrunk by a seasonally-adjusted 0.3% in the October-December quarter after growing 0.3% in the preceding period. All but one of 13 economists in the Jan. 16-19 Reuters poll forecast a contraction, with the other expecting growth to flatline. If realized, it would be the sharpest contraction since mid-2020 when the COVID-19 pandemic was cementing its grip on the world. On a year-on-year basis, gross domestic product (GDP) likely grew 1.5% in the fourth quarter, the median forecast of 21 economists showed, half the 3.1% growth in the third quarter. According to a separate Reuters poll, growth was forecast at 2.5% in 2022, slowing to 1.9% this year.

☆ Oil edges higher as petroleum demand set to touch record next year
▼ + stars: | 2023-01-10 | by ( Arathy Somasekhar | ) www.reuters.com time to read: +3 min

ETHOUSTON, Jan 10 (Reuters) - Oil prices edged slightly higher on Tuesday as the U.S. government forecast record global petroleum consumption next year and as the dollar hovered at seven-month lows. A weaker dollar can boost demand for oil, as greenback-denominated commodities become cheaper for holders of other currencies. But analysts said a revival of Chinese demand may only give oil prices limited support under downward pressure from the global economy. Goldman Sachs expects that the growing ability of the Organization of the Petroleum Exporting Countries (OPEC) to raise prices without hurting demand too much will limit downside risks to its bullish oil forecast for 2023. Separately, U.S. stockpiles of crude oil and distillates were expected to have fallen last week, a Reuters poll showed.

☆ Oil rises 1% as petroleum demand set to touch record next year
▼ + stars: | 2023-01-10 | by ( Arathy Somasekhar | ) www.reuters.com time to read: +3 min

ETHOUSTON, Jan 10 (Reuters) - Oil prices climbed marginally on Tuesday as the U.S. government forecast record global petroleum consumption next year and as the dollar hovered at seven-month lows. Thursday's data "could easily clarify the direction of the financial and oil markets for weeks to come", said Tamas Varga of oil broker PVM. A weaker dollar can boost demand for oil, as greenback-denominated commodities become cheaper for holders of other currencies. But analysts said a revival of Chinese demand may only give oil prices limited support under downward pressure from the global economy. Separately, U.S. stockpiles of crude oil and distillates were expected to have fallen last week, a Reuters poll showed.

☆ A Harvard brain expert eats these 10 grocery foods to stay 'sharp and focused'—at any age
▼ + stars: | 2023-01-06 | by ( Dr. Uma Naidoo | ) www.cnbc.com time to read: +5 min

People who do are more tempted to buy unhealthy comfort snacks and packaged goods, rather than whole, nutritious and satisfying options. For plant-based sources of protein, organic tofu, tempeh, beans and lentils can be enhanced with spices for flavor. Nuts and seedsNuts and seeds have healthy omega fats and oils that will help sharpen your brain. Plant-based foods like chia seeds, Brussels sprouts, walnuts and flaxseeds are also rich in omega-3s. Remember that certain conditions, like ADHD, can be aggravated by dairy, so be aware of how it affects you.

☆ Bank of Korea working hard to ensure economy's soft landing -governor
▼ + stars: | 2023-01-03 | by ( ) www.reuters.com time to read: +1 min

SEOUL, Jan 3 (Reuters) - South Korea's central bank governor said on Tuesday the bank will do its best to ensure a soft landing for the economy amid significant internal and external uncertainty. "The Bank of Korea, together with the government, will do its best in making sophisticated policy responses to achieve a soft landing of the South Korean economy, during this time of clouded visibility due to considerable external and internal uncertainties," Governor Rhee Chang-yong said in a speech at a New-Year event. Rhee said the central bank will pay attention to growth and changes in financial and foreign exchange markets, while continuing to focus its monetary policy stance on stabilising prices. The Bank of Korea (BOK) will hold its first rate decision meeting for this year on Jan. 13, having raised interest rates by 275 basis points to 3.25% since August 2021. Reporting by Jihoon Lee; Editing by Christopher CushingOur Standards: The Thomson Reuters Trust Principles.

☆ Oil drops, hits lowest since January as U.S. data fans fuel demand fears
▼ + stars: | 2022-12-07 | by ( Arathy Somasekhar | ) www.reuters.com time to read: +3 min

The build in fuel stocks outweighed a 5.2 million barrel draw in crude stocks. The American Petroleum Institute had reported a crude stocks draw of around 6.4 million barrels, according to market sources. China's crude oil imports in November rose 12% from a year earlier to their highest in 10 months, data showed. "If confidence in uninterrupted Russian oil supply has played any part in the recent weakness, it was probably misplaced. Tankers getting delayed in Turkish waters is a prime example of that," Tamas Varga of oil broker PVM said.

☆ Oil gives up the year's gains, closing at 2022 low
▼ + stars: | 2022-12-07 | by ( ) www.cnbc.com time to read: +3 min

U.S. West Texas Intermediate crude fell $2.24, weakening further from Tuesday's close, which was already a yearly low, to $72.01 a barrel. The country's crude oil imports in November rose 12% from a year earlier to their highest in 10 months, data showed. G7 nations kicked off implementation of a price cap to restrict Russian exports that could cause that nation to reduce output in the coming year. The build in fuel stocks outweighed a 5.2 million barrel draw in crude stocks. The American Petroleum Institute had reported a crude stocks draw of around 6.4 million barrels, according to market sources.

☆ Meme stock mania may finally be over
▼ + stars: | 2022-12-06 | by ( Paul R. La Monica | ) edition.cnn.com time to read: +4 min

Meme stocks, that is. Shares of movie theater chain AMC (AMC) have plummeted 55% this year. But investors may also be realizing that companies like GameStop, AMC and Bed Bath & Beyond face legitimate challenges. But mostly, investors are aware of the fact that in uncertain times like this, it may make more sense to play it safe instead of taking a huge gamble on a meme stock. Add all that up and it’s a miserable time for investors to be considering speculative meme stocks.

☆ South Korea's FX reserves post biggest monthly gain in 13 on weaker dollar
▼ + stars: | 2022-12-04 | by ( ) www.reuters.com time to read: +1 min

SEOUL, Dec 5 (Reuters) - South Korea's foreign exchange reserves increased in November for the first time in four months and by the largest amount in 13 months, central bank data showed on Monday, as the U.S. dollar retreated from a two-decade high scaled in October. The country's FX reserves stood at $416.10 billion at the end of November, up $2.09 billion from $414.01 billion a month before, according to the Bank of Korea (BOK). The reserves increased in November by the largest amount since October 2021. Of the 13 months since then, they fell for 10 months, hitting a more than two-year low at the end of October this year. The U.S. dollar index fell 5.1% in November, the biggest monthly drop in more than 12 years.

☆ EXCLUSIVE Bank of Korea ready to adjust tightening pace, hopes for peak rate near 3.5%
▼ + stars: | 2022-11-30 | by ( Cynthia Kim | ) www.reuters.com time to read: +3 min

[1/2] South Korea's new central bank governor Rhee Chang-yong speaks during his inauguration ceremony in Seoul, South Korea April 21, 2022. But he added that South Korean interest rates should not get too far below those of the United States, because of the risk of capital outflow. With the policy rate now at 3.25%, Rhee hopes it will not have to go much higher. It is the first time that the central bank governor has specified a level around which he hopes rates will peak. The Fed's policy rate is currently 3.75% to 4.00%.

☆ Exclusive: South Korea's Yoon: should pay attention to any 'financial instability'
▼ + stars: | 2022-11-29 | by ( Soyoung Kim | ) www.reuters.com time to read: +1 min

SEOUL, Nov 29 (Reuters) - South Korea's government and the central bank should pay greater attention to addressing any financial instability as the economy is headed for slower inflation, President Yoon Suk-yeol told Reuters. "There are increasing opinions that inflation has passed its peak and it's time to slow down the speed and reduce the breadth of the rate hikes. However we must still continue to closely monitor any possible financial instability," Yoon said during a broader interview in his office on Monday, when asked if it is time for the Bank of Korea to slow monetary tightening. Yoon's comments come as the BOK last week signalled that it could be nearing the end of an unprecedented streak of policy tightening in Asia’s fourth-largest economy to curb inflation. Writing by Cynthia Kim; Editing by Himani Sarkar & Shri NavaratnamOur Standards: The Thomson Reuters Trust Principles.

☆ Exclusive: South Korea's Yoon urges attention to any 'financial instability' as money market jolted
▼ + stars: | 2022-11-29 | by ( Soyoung Kim | ) www.reuters.com time to read: +3 min

SEOUL, Nov 29 (Reuters) - South Korea's government and the central bank should pay greater attention to addressing any financial instability, President Yoon Suk-yeol told Reuters, as the money market grapples with a steep selloff amid rising interest rates and a property slump. Yoon's comments come as the BOK last week signalled that it could be nearing the end of an unprecedented streak of policy tightening in Asia’s fourth-largest economy to curb inflation. South Korea's money market, especially at the short-end of the bill curve, has experienced one of the worst routs in Asia as investors sold-off in the wake of rising interest rates and a broader property market downturn. South Korea's household debt-to-GDP ratio stood at 102.2% in the second quarter, the highest level among 35 major economies tracked by the Institute of International Finance. The BOK's monetary policy committee unanimously agreed to hike interest rates by a quarter-percentage point to 3.25% at its Nov. 24 review - taking the benchmark rate to its highest since 2012.

The Bank of Korea (BOK) raised its benchmark policy rate (KROCRT=ECI) to 3.25% on Thursday, the highest level since 2012, after delivering a half-percentage point hike in October. The BOK is in the midst of its most aggressive policy tightening on record, having been a front-runner in withdrawing pandemic-era stimulus in the region when it started raising interest rates in August 2021. Since then, it has raised rates by a total of 275 basis points, delivering bigger 50-basis-point rate hikes for the first time since the current monetary framework was introduced in 1999. The central bank aims to keep inflation at 2%. The slowdown in the tightening pace has also been facilitated by a rebound in the local currency.

☆ South Korea's central bank raises rates by 25 bps, as expected
▼ + stars: | 2022-11-24 | by ( Cynthia Kim | Jihoon Lee | ) www.reuters.com time to read: +1 min

SEOUL, Nov 24 (Reuters) - South Korea's central bank raised interest rates by a more modest 25 basis points on Thursday, as expected, slowing the pace of policy tightening as it tries to tame inflation without choking off economic growth. The Bank of Korea (BOK) raised its benchmark policy rate (KROCRT=ECI) to 3.25%, the highest level since July 2012, after delivering a half-percentage point hike in October. All but one of 30 economists expected the central bank to opt for a quarter-point hike in a Reuters poll, while one forecast another half-point rise. The Bank of Korea has raised the policy rate by a total of 275 basis points since August 2021 from a record low of 0.50%. Reporting by Cynthia Kim, Jihoon Lee and Choonsik Yoo; Editing by Ana Nicolaci da CostaOur Standards: The Thomson Reuters Trust Principles.

☆ South Korea producer inflation hits 16-month low in Oct
▼ + stars: | 2022-11-23 | by ( ) www.reuters.com time to read: +1 min

SEOUL, Nov 24 (Reuters) - South Korea's annual producer inflation slowed for a fourth straight month in October to a 16-month low, central bank data showed on Thursday. The producer price index stood 7.3% higher in October than the same month a year ago, according to the Bank of Korea (BoK), after a revised 7.9% rise in September. Producer inflation had hit a near 14-year high of 10.0% in June. On a monthly basis, however, the index rose 0.5%, picking up from a revised 0.1% in September and the fastest in four months. The monthly rise was led by utility prices for electricity, gas, water supply and waste, which jumped 8.1%.

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