Weak sales to China contracts South Korea’s October exports
South Korea’s exports likely contracted in October, falling for an 11th straight month. This was pressured by weak sales to China and a sluggish global demand for semiconductors.
However, economists expect the decline to wear out as favorable base effects would likely kick in starting from November.
The projected October fall would be the fifth month of double-digit percentage decline for the export-reliant economy.
“Sustained weakness in semiconductor exports seen after the release of the interim figures is worrisome given that base effects helped semiconductors turn positive in October,” said Oh Suk-tae, economist at Societe Generale.
Oh said favorable base effects on overall exports should kick in from November onwards, adding that “we will carefully monitor whether there are any signs of true recovery in exports.”
On Friday, the Chinese technology company ByteDance said that it would consider listing its domestic businesses in Hong Kong or Shanghai due to rising Sino-U.S. tensions. The company's standalone listing in Hong Kong or Shanghai might value ...
European shares traded lower earlier on Thursday after underwhelming earnings reports dampened a U.S. Fed vow to continue rolling out stimulus plans in a bid to soften the economic blow of the COVID-19 pandemic. The pan-European STOXX lost ...
European stocks traded slightly higher on Tuesday ahead of a U.S. decision to roll out additional stimulus plans despite the underwhelming quarterly earnings reports from the luxury goods market. The pan-European STOXX index inched higher ...
Oil prices gained for the third day on Tuesday, supported by a bounce in demand from efforts to lift the U.S. economy as it struggles to recover from the coronavirus pandemic. Prices were also buoyed by a weakening dollar, making it ...
China’s industrial firms had seen an increase in profits for two consecutive months. This came as the most rapid pace ever recorded in over a year, suggesting that the country’s recuperation from the novel coronavirus pandemic ...