Weekly Cryptonews
The first part of the week was more than optimistic for Bitcoin. However, now it is going through the correction phase.
South Korean economy suddenly shrinks in the first quarter
In the first quarter, the South Korean economy suddenly contracted, thus marking its worst outcome since the global financial meltdown. It occurred due to the fact that companies slashed investment, while exports decreased responding to China-US trade clashes as well as decelerating Chinese demand.
The shocking contraction spurred money market bets that the country’s major financial institution will probably make a U-turn on policy in the nearer future, moving to an easing stance and cutting interest rates to withstand weakening business confidence as well as soaring external risks.
A worse-than-anticipated downturn in the memory chips sector affected first quarter capital investment and shrinking exports compensated gains from private consumption. That’s what the Bank of Korea informed on Thursday.
GDP in the first quarter went down a seasonally updated 0.3% from the previous quarter that appears to be the worst decrease since the 3.3% tumble in late 2008 as well the shrinking from 1% surge in October-December.
None of the market experts had hoped surge would contract. By the way, the median estimate suggested a 0.3% leap.
From 2018, the Korean economy managed to rally by 1.8% in the January-March quarter, in contrast with a 2.5% leap in the survey as well as a 3.1% jump in the final quarter of the previous year.
Besides this, South Korea's key stock index headed south by 0.4% after the data and the country’s won slumped to its lowest value since early 2017.
As a matter of fact, June futures on three-year treasury bonds went up 0.15 points ending up with 109.58. The country’s three-year bond gains dived below the benchmark interest rate of 1.75% again.
Similar
China's retail sales surge dives to 16-year minimum
On Wednesday, China posted shockingly weaker surge in retail sales as well as industrial output for April, thus increasing pressure on the Chinese cabinet to roll out more stimulus because the trade conflict with America escalates…
American import prices rally a bit
In April, American import prices surged less than anticipated in April due to the fact that jumps in the cost of food and petroleum were tamed by the largest tumble in the price of capital goods for a decade, dropping a hint at the fact that inflation…
Latest news
Gold heads south on tumbling greenback
On Monday, gold declined notwithstanding a lower American currency because data underpinned hopes for a Fed interest rate lift…
European equities conclude in positive territory for the fifth consecutive week
On Friday, European stock indices fluctuated at the beginning of the trading session…
RBNZ Meeting
The Reserve Bank of New Zealand will hold a meeting at 00:00 MT time on August 9.
Deposit with your local payment systems
