Global funds are buying shares in the nation’s tech-heavy stock market at the fastest pace in four years this quarter, helping to make the Kospi Asia’s best-performing major benchmark in 2020. At $58 billion, their purchases of local bonds this year are on course for a record. And the won is tussling with the yuan for the region’s No. 1 spot.
Next year is shaping up to be another bullish one for Korean assets even as coronavirus infections are rising. A revival of the memory chip cycle is forecast to pull the local economy out of its first recession from 1998, prompting JPMorgan Chase & Co. to predict the Kospi will rise 16% to 3,200 by the end of 2021. The won could test 1,000 a dollar, a level unseen since the 2008 global crisis, leaving an upside of nearly 9% from the current level, according to Bloomberg Intelligence. Read more…..
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The Business Roundtable 2020 fourth-quarter survey results are out. CNBC’s Eamon Javers reports on what CEOs are expecting for the future and their economic outlook.