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South Korea posted an unadjusted current account surplus of $7.91 billion in July, the Bank of Korea said on Thursday - remaining in the black for the 29th consecutive month. The headline figure is little changed from June's surplus of $7.92 billion. The goods account surplus widened to $6.86 billion, from $6.65 billion in the previous month. The services account deficit narrowed to $0.01 billion from $0.58 billion a month earlier as deficit on the use of intellectual property account improved, the bank said. The primary income account surplus narrowed to $1.49 billion from $2.23 billion in the previous month due to a substantial decrease in income on the equity account. The secondary income account recorded a deficit of $0.43 billion. The financial account recorded a net outflow of $5.92 billion, down from $9.84 billion in June. Direct investment recorded a net outflow of $1.01 billion down from $2.06 billion a month earlier, as residents' outward investment decreased. Portfolio investment recorded a net outflow of $1.74 billion, down from $4.22 billion in June, due primarily to a large net inflow of foreign investors' equity securities investment. Financial derivatives posted a net inflow of $0.50 billion. Other investment shifted to a net outflow of $0.34 billion, from a net inflow of $0.28 billion in the previous month due mostly to increased lending by domestic financial institutions. Reserve assets increased by $3.33 billion. Through the first seven months of 2014, the current account surplus is $47.1 billion.

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Total labor cash earnings in Japan grew at a faster rate in July, defying expectations of a slow down, a report from the Ministry of Health, Labor and Welfare showed Tuesday. Total earnings increased 2.6 percent year-over-year in July following the revised 1 percent rise in June. Economists had expected earnings to grow 0.9 percent. Contractual earnings climbed 0.9 percent, after the 0.4 percent increase in June. Scheduled earnings rose 0.7 percent in July, which was faster than the revised 0.2 percent growth in the previous month.

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South Korea's gross domestic product expanded 3.5 percent on year in the second quarter of 2014, the Bank of Korea said in Thursday's preliminary reading. That was a slight downward revision from July's advance estimate which suggested an increase of 3.6 percent. It also slowed from the 3.9 percent gain in the first quarter. On a seasonally adjusted annualized quarterly basis, GDP expanded 0.5 percent - also a downward revision from the 0.6 percent increase originally reported. GDP was up 0.9 percent on quarter in Q1.

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The house price balance in the United Kingdom fell all the way to 40 percent in August, the Royal Institution of Chartered Surveyors said on Thursday. That was well shy of forecasts for 47 percent and down sharply from the downwardly revised 48 percent in July (originally 49 percent). In the London area, house prices were higher for a balance of nine percent of agents - slowing from 11 percent in the previous month. "Some of the momentum has come out of the housing market of late reflecting in part concerns over a likely rise in the cost of borrowing at some point in the not too distant future," said Simon Rubinsohn, RICS chief economist.

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New Zealand posted a seasonally adjusted current account deficit of NZ$2.0 billion in the second quarter of 2014, Statistics New Zealand said on Wednesday. That followed the downwardly revised NZ$0.6 billion shortfall (originally a surplus of NZ$1.407 billion). "The value of goods exports fell over a range of commodities, with dairy the most significant contributor this quarter," international statistics manager Jason Attewell said. Exports of goods fell NZ$1.1 billion. For the year ended June 2014, the current account deficit was NZ$5.8 billion (2.5 percent of GDP); it was 2.7 percent of GDP for the year ended March 2014, or NZ$6.0 billion. The latest deficit is $2.1 billion smaller than that for the year ended June 2013, which was 3.7 percent of GDP. New Zealand's net international liability position, which measures the value of our overseas assets less our overseas liabilities, was NZ$149.7 billion (65.3 percent of GDP) at 30 June 2014. The net liability position is now $1.4 billion smaller than at 31 March 2014 due to valuation changes, the statistics bureau said. "This is the smallest net liability position as a percentage of GDP in almost 13 years," Attewell said. New Zealand's external debt position increased $2.0 billion, to $142.3 billion (62.1 percent of GDP) in Q2.

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Corporate service prices in Japan were up 3.5 percent on year in August, the Bank of Japan said on Thursday. That was below forecasts for a gain of 3.7 percent following the downwardly revised 3.4 percent increase in July (originally 3.7 percent). On a monthly basis, prices eased 0.2 percent following the flat reading in July. Among the individual components of the survey, prices were up for transportation and real estate, and down for advertising and rental.

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Industrial production in South Korea was down 3.8 percent on month in August, Statistics Korea said on Tuesday. That was well shy of forecasts for an increase of 0.4 percent following the upwardly revised 1.5 percent gain in July (originally 1.1 percent). On a yearly basis, industrial production fell 2.8 percent - also missing expectations for a gain of 2.5 percent following the upwardly revised 3.9 percent jump in the previous month (originally 3.4 percent). The index of all industry production was down 0.6 percent on month and up 0.6 percent on year.

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An index measuring tertiary industry activity was down a seasonally adjusted 0.1 percent on month in August, the Ministry of Economy, Trade and Industry said on Friday - standing at 97.8. That missed forecasts for an increase of 0.1 percent following the flat reading in July. The industries that were down included scientific research, retail trade, utilities and accommodations. Industries that saw increased activity included finance, recreation, communication, health care and real estate.

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A leading economic index for Australia was down 0.2 percent on month in August, the Conference Board said on Wednesday, following the 0.5 percent gain in July. Among the individual components of the survey, yield spread, sales to inventories ratio and money supply were higher, while share prices were unchanged and rural goods exports, gross operating surplus and building approvals were down. The coincident index added 0.2 percent on month after adding 0.1 percent in each of the two previous months. Among the individual components, employed persons, household gross disposable income, retail trade and industrial production all were higher.

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South Korea GDP Rises 0.9% In Q3

South Korea's gross domestic product expanded 0.9 percent on quarter in the third quarter of 2014, the Bank of Korea said in Friday's advance estimate. That follows the 0.5 percent increase in the second quarter and the 0.9 percent gain in Q1. On the expenditure side, private consumption expanded 1.1 percent as expenditures on both semi-durable goods and services increased. Construction investment gained 2.9 percent, with increases in both building construction and civil engineering. Facilities investment fell by 0.8 percent, due to a decrease in transport equipment investment. Intellectual property products investment added 0.6 percent, centering on software investment. Exports contracted 2.6 percent, with decreases in exports of LCDs and chemical products. Imports also eased 0.7 percent, owing to declines in imports of machinery, natural gas and transport services. On the production side, manufacturing shrank 0.9 percent, mainly due to a decrease in electrical and electronic devices such as LCDs and smartphones. Electricity, gas and water supply climbed 4.7 percent, as the proportion of electricity generated by nuclear power with its low unit-generation costs increased. Construction advanced 1.8 percent, led by its expansion of civil engineering. Services gained 1.4 percent, as wholesale and retail trade, restaurants and hotels, transportation and storage, finance and insurance, and health and social work all increased. On a yearly basis, GDP jumped 3.2 percent, slowing from 3.5 percent in Q2 and 3.9 percent in the first quarter. Real gross domestic income added 0.3 percent on quarter and 2.9 percent on year. Agriculture, forestry and fishing added 0.6 percent on year, while manufacturing gained 3.1 percent, utilities spiked 5.5 percent, construction collected 0.9 percent and services advanced 3.4 percent.

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China Yuan Strengthens to 6.1421 Against Usd


CNY strengthened by 25 basis points to 6.1421 against the U.S. dollar in its central parity on Tuesday, according to the China Foreign Exchange Trading System. In China's foreign exchange spot market, the yuan is allowed to rise or fall by 2 percent from the central parity rate each trading day. The central parity rate of the yuan against the U.S. dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day.

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South Korea Industrial Production Adds 0.1% In September

Industrial production in South Korea was up a seasonally adjusted 0.1
percent on month in September, Statistics Korea said on Thursday. That
follows the downwardly revised 3.9 percent decline in August
(originally -3.8 percent). On a yearly basis, industrial production
climbed 1.9 percent following the 2.8 percent contraction in the
previous month. The index for all industry production fell 0.9 percent
on month but gained 1.8 percent on year.

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Krw Trades at 7-Month Low Vs Usd on Boj Move

USD/KRW was changing hands at 1,075.10 to the dollar as of 9:30 a.m. Monday, down 6.60 won from the previous session's close, marking the lowest since the 1,079.40 won on Mar. 25.

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