KOREA POSTS LACKLUSTRE EXPORT GROWTH – POINTER FOR REGION?

SEOUL - Export growth for South Korea April – the region’s first monthly export numbers release - registered a disappointing 0.4% y/y (consensus: 2.0% y/y; prior 0.2%). BBVA Bank says the out-turn may be a harbinger of external headwinds for the rest of the region and, despite a better-than-expected Q1 GDP outturn (1.5% y/y), it could raise the likelihood of a rate cut by the Bank of Korea in coming months (the BoK has stayed on hold since October). Headline inflation in South Korea slowed to 1.2% y/y for April (consensus: 1.5%), well below the target range of 2.5-3.5%. www.bbva.com (ATI).