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It seems economic concerns are trumping those inflation concerns.
Earlier this month, we learned that Korea’s manufacturing PMI fell to 49.4 in June, down from 51.0 in May. A reading below 50 signals contraction in the industry.
At least some of this weakness is the result of the decelerating Chinese economy. Due to its high correlation to other Asian economies, Goldman Sachs recently called Korea Asia’s canary in the coal mine.