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South Koreas exports surged 52.3% year-on-year in the first 20 days of July, driven by a robust semiconductor export boom fueled by the ongoing artificial intelligence (AI) boom. Data released by South Korean customs on Tuesday showed that exports totaled $54.9 billion from July 1st to 20th, compared to $36 billion in the same period last year. Imports, meanwhile, increased by 20% to $42.7 billion, resulting in a trade surplus of $12.2 billion. By industry, semiconductor exports continued to lead the overall growth, surging 180% to $22.1 billion. Automobile exports, however, declined by 10.6% to $3.24 billion. In terms of export destinations, exports to China nearly doubled to $13.3 billion, while exports to the US increased by 39.6% to $8.96 billion. As of Monday, South Koreas cumulative exports this year reached $551.2 billion, a 48.7% increase year-on-year.Euro Stoxx 50 futures fell 0.8%, German DAX futures fell 0.7%, and UK FTSE futures fell 0.8%.July 21 – According to foreign media reports, a large office building in Hong Kong owned by CK Asset Holdings Limited (01113.HK) has finally seen tenant demand, reversing a long-term vacancy since its completion in 2024; this signifies a recovery in one of the worlds largest commercial real estate markets. Sources familiar with the matter revealed that the occupancy rate of the 41-story "CK Group Centre Phase 2" has more than doubled since the beginning of this year, reaching approximately 60%. The improved economy has prompted financial institutions to upgrade their office environments and expand their office scale, thus driving leasing demand. One source indicated that CK Asset Holdings, owned by Li Ka-shing, expects the skyscrapers occupancy rate to reach at least 75% by the end of this year. Data from real estate consultancy JLL shows that in the first half of this year, Grade A office rents in Central rose by 7.3%, marking the largest half-year increase in 15 years; meanwhile, the vacancy rate also fell from 10.9% at the end of 2025 to 8.8%.July 21st - AI trading has continued to disrupt Asian stock markets in recent months, while the Australian market has demonstrated strong resilience. The Australian S&P/ASX 200 index is on track to outperform the MSCI Asia Pacific index for the second consecutive month, marking its longest winning streak since November 2024. The limited exposure of Australian stocks to chipmakers, once considered a disadvantage during the AI rally, has now become a source of market resilience. This characteristic helped the Australian stock market weather market shocks as semiconductor stocks in markets such as South Korea and Japan declined. This shift also highlights that as market volatility intensifies, investors are becoming increasingly cautious about crowded AI trades and are beginning to rotate funds into other markets.SK Hynix and Samsung Electronics both rose by around 1%.

EUR/USD Expects Fourth Weekly Gains Above 1.0900 Despite The US Dollar's Rebound Advance Ahead Of US NFP

Daniel Rogers

Apr 07, 2023 11:42

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Despite a recent retreat, the EUR/USD bulls maintain control around 1.0920. This reflects the typical Good Friday inactivity and apprehension ahead of the US Nonfarm Payrolls (NFP) report released early in the day. The major currency pair was volatile on Thursday as a result of the US Dollar's initial rebound on fears of a recession, but ended the day unchanged as disappointing US data contrasted with stronger Eurozone data.

 

Fears of a recession in the world's largest economy were prompted by consecutive lackluster US data and falling US Treasury bond yields, giving USD bears a reprieve on Thursday morning. As traders prepared for the all-important NFP, the dollar's subsequent gains were reversed by another disappointing US employment report.

 

Despite this, US Initial Jobless Claims for the week ending March 31 rose to 228K from 200K anticipated and an upwardly revised 246K the prior week. Notable is the increase in Challenger Job Cuts from 77,77K to 89,703K in the given month.

 

Notably, Reuters fanned fears of a recession by citing the most recent decline in the preferred bond market indicator of Federal Reserve (Fed) Chairman Jerome Powell. The most reliable bond market indicator of an imminent economic contraction, according to Federal Reserve research, is the "near-term forward spread" between the forward rate on Treasury bills 18 months from now and the current yield on three-month Treasury bills.

 

According to Reuters, International Monetary Fund (IMF) Managing Director Kristalina Georgieva stated in prepared remarks on Thursday that the global economy is projected to expand by less than 3% in 2023, a decrease from 3.4% in 2022.

 

In other news, Germany's Industrial Production (IP) increased 0.6% year-over-year in February, versus market predictions of -2.7% and previous readings of -1.7%. Additionally, the monthly figures exceeded expectations by 0.1%, coming in at 2.0% compared to 3.7% previously. On Wednesday, Germany Factory Orders for February improved to -5.7% YoY from -12.0% previously revised down and -10.5% market expectations, while MoM growth came in at 4.8% compared to 0.3% expected and 0.5% previous readings.

 

Wall Street and US Treasury bond yields have both reduced weekly losses as a result of these strategies, but investors remain skeptical.

 

In the context of less liquidity surrounding the March US employment report, sporadic activity on the major markets can keep the EUR/USD inactive and prone to abrupt price swings. Notable is the fact that recent dovish Fed forecasts and disappointing US data generate expectations for a positive surprise and enormous price volatility thereafter.


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