South Korea's finance minister said on Friday the country's exports and investment would be weak at least through the first half of the year and that the government would provide maximum support to ease the situation.
South Korean consumer inflation ticked up in January to a three-month high but, driven mostly by temporary effects, left investors still confident that the central bank had ended its cycle of interest rate rises. The consumer price index was 5.2% higher in January than in the same month a year before, rising faster than the 5.0% rate seen in December, Statistics Korea data showed on Thursday.
South Korea's consumer inflation ticked up in January to a three-month high, against economists' expectations, official data showed on Thursday. The consumer price index was 5.2% higher in January than in the same month a year before, rising faster than the 5.0% rate seen in December, according to Statistics Korea.
* KOSPI rises, foreigners net buyers. * Korean won slightly up against dollar. * South Korea benchmark bond yield falls. * For the midday report, please click. Round-up of South Korean financial markets: ** South Korean shares ended 1% higher on Wednesday, as chipmakers rebounded from the previous sessions' sharp losses, with investors also eying the U.S. Federal Reserve's meeting outcome.
South Korea's economy inched toward its first recession in three years as data on Wednesday showed its January trade deficit soared to a record thanks to a plunge in exports caused by a combination of long holidays and cooling global demand.
South Korea's factory activity contracted for a seventh straight month in January, a business survey showed on Wednesday, amid weak global demand and soaring COVID-19 infections in China. Still, the pace of contraction was a bit milder than in the previous month, while manufacturers were also seen preparing for a brighter future ahead.
* Jan exports -16.6% y/y vs -11.3% in Reuters poll. * Exports to China -31.4%, exports of chips -44.5% * Recession looms after -0.4% fall in Q4 2022 GDP. By Jihoon Lee and Choonsik Yoo.
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