SOUTH KOREA: Country Wrap: Further Housing Restrictions to Come
Aug-22 05:31
- The government said Thursday it will impose restrictions on housing purchases by foreigners in Seoul, Incheon and major parts of Gyeonggi Province in an effort to block speculative demand fueled by overseas capital inflows. The Ministry of Land, Infrastructure and Transport said the measure to place foreign home buyers subject to the Real Estate Transaction Reporting Act was approved at a meeting of the Central Urban Planning Committee earlier in the day. (source Yonhap)
- The Bank of Korea is expected to maintain its accommodative stance, despite tailwinds from the U.S.-South Korean deal to lower President Trump's blanket tariff and signs of a recovery in consumption, Nomura economists led by Jeong Woo Park write in a note. The central bank is likely to remain cautious about South Korea's recovery path because tariffs could still adversely affect exports later, they say. Nomura expects the bank to revise up its 2025 and 2026 GDP growth forecasts to 0.9% and 1.8%, respectively, from 0.8% and 1.6% previously. The BOK is likely to hold the policy rate next week before possibly cutting it in October, Nomura says. (source BBG)
- The KOSPI is up today by +0.86% and has made a minor recovery from losses earlier in the week. However it remains lower and is set to lose ground by around -1.7% for the week.
- The Won is the best of the regional performers today, as most lost ground. With gains of +0.45% it marks a modest turnaround from earlier in the week yet remains down by -0.30% in the last five trading days.
- Korea's 10-year Govt Bond is +6bps higher in yield this week following one of the largest 10-year government bond auctions of the year at the beginning of the week.
Want to read more?
Find more articles and bullets on these widgets:
Historical bullets
BOBL TECHS: (U5) Key Near-Term Resistance Remains Exposed
Jul-23 05:25
- RES 4: 118.390 High Jun 13 and a key resistance
- RES 3: 118.109 76.4% retracement of the Jun 13 - Jul 11 bear leg
- RES 2: 118.060 High Jun 20 and a key near-term resistance
- RES 1: 118.030 High Jul 22
- PRICE: 117.890 @ 06:09 BST Jul 23
- SUP 1: 117.667 20-day EMA
- SUP 2: 117.450 Low Jul 18
- SUP 3: 117.200 Low Jul 11 and the bear trigger
- SUP 4: 117.000 Round number support
Bobl futures traded higher again, on Tuesday and the contract maintains a firmer short-term tone. Sights are on a key near-term resistance at 118.060, the Jun 20 high. A break of this hurdle would strengthen a bullish theme and signal scope for an extension towards 118.390, the Jun 13 high. Key support and the bear trigger has been defined at 117.200, the Jul 11 low. Initial firm support is seen at 117.450, the Jul 18 low.
LOOK AHEAD: UK Timeline of Key Events (Times BST)
Jul-23 05:23
| Date | UK | Period | Event |
| 24-Jul | 0930 | Jul | S&P Global Flash PMI |
| 24-Jul | 1100 | Jul | CBI Industrial Trends |
| 25-Jul | 0001 | Jul | Gfk Monthly Consumer Confidence |
| 25-Jul | 0700 | Jun | Retail Sales |
| 28-Jul | 1100 | Jul | CBI Distributive Trades |
| 29-Jul | 0001 | Jul | BRC Monthly Shop Price Index |
| 29-Jul | 0930 | Jun | BOE Lending to Individuals / M4 |
| 01-Aug | 0930 | Jul | S&P Global/ CIPS UK Final Manufacturing PMI |
| 05-Aug | 0930 | Jul | S&P Global/ CIPS UK Final Services PMI |
| 06-Aug | 0930 | Jul | S&P Global/CIPS Construction PMI |
| 07-Aug | 1200 | --- | Bank Of England Interest Rate |
| 07-Aug | 1230 | --- | BOE Press Conference |
| 07-Aug | 1400 | Jul | Decision Maker Panel data |
| 12-Aug | 0001 | Jul | BRC-KPMG Shop Sales Monitor |
| 12-Aug | 0700 | Jun/Jul | Labour Market Survey |
| 14-Aug | 0700 | Q2 / Jun | GDP / Services / Production / Trade / Construction |
LOOK AHEAD: Eurozone Timeline of Key Events (Times BST)
Jul-23 05:18
| Date | Time | Country | Event |
| 23-Jul | 1500 | EU | Consumer Confidence Indicator (p) |
| 24-Jul | 0700 | DE | GFK Consumer Climate |
| 24-Jul | 0745 | FR | Manufacturing Sentiment |
| 24-Jul | 0800 | ES | PPI |
| 24-Jul | 0815 | FR | S&P Global Flash PMI |
| 24-Jul | 0830 | DE | S&P Global Flash PMI |
| 24-Jul | 0900 | EU | S&P Global Flash PMI |
| 24-Jul | 1315 | EU | ECB Decision |
| 24-Jul | 1345 | EU | ECB Press Conference |
| 25-Jul | 0745 | FR | Consumer Sentiment |
| 25-Jul | 0900 | EU | M3 |
| 25-Jul | 0900 | IT | ISTAT Consumer Confidence |
| 25-Jul | 0900 | IT | ISTAT Business Confidence |
| 25-Jul | 0900 | DE | IFO Business Climate Index |
| 25-Jul | 1400 | BE | BNB Business Confidence |
| 29-Jul | 0800 | ES | GDP (p) |
| 29-Jul | 0900 | EU | ECB Consumer Expectations Survey |
