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South Korean trade data is out.Exports jumped 11.8 per cent year-over-year in January, which was much stronger than the 8.9 per cent gain expected. This is according to Bloomberg.
Economists refer to South Korean trade as the “canary in the coalmine” because it is extremely sensitive to economic activity in Asia.
It is also one of the first major economic data points for the month.
Moments ago, we also learned that South Korean manufacturing PMI slipped to 49.9. This signals contraction in the manufacturing sector, but only marginally.