Edward Hayden-Briffett
Research Analyst, The Officials
China exports surge 19%, Korea and Saudi GDP beat forecasts, markets steady after selloff.
China exports surge 19%, Korea and Saudi GDP beat forecasts, oil eases on Iran peace talk, markets steady after selloff.
China’s K-shaped economy continued to deepen...
Chinese exports up 19.4% y/y in May, above expected 15%. Exports remain largely dependent on Asian neighbours, though shipments to the US increased over 35% - partly due to the post-tariff base effect last year. The PBoC net injected over CNY 152 billion via OMO today, via 7-day reverse repos. (Chart 1 BBG)
Korean Q1 GDP growth revised up in final estimate, up 1.8% q/q vs previous contraction of 0.1%. Saudi Arabia Q1 GDP also outperformed expectations, rising 3% y/y against expected 2.8%, though messy due to US-Iran war.
Trump continues to claim progress towards peace deal with Iran, Brent crude futures down to low-$90s range around low point during war and since mid-April ceasefire announcement. Equities found some support since Friday’s steep selloff, with S&P 500 Emini futures up 0.4% this morning (chart 2 BBG). Treasuries also steadied, with 10-year yield around 4.55%, off recent highs.
Data today: NFPs, India Q1 GDP
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14 page report