Markets hit by coronavirus second-wave fears, as gold touches one-month high - business live
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South Korea has reported another slump in trade - but the downturn may be bottoming out.
Exports from South Korea slumped by 7.5% in the first three weeks of June compared to a yer ago, while imports contracted by 12%.
The Korean data fits the likely pattern of global consumption as lockdowns ease. Trade should outperform economic growth, as services are hit more than manufacturing.
Consumers will spend forced savings on durable goods – favoring electronics, for example – but the savings are probably not enough to have a huge impact on car sales. Growth will pick up, but the level of activity will still be lower than last year.
South Korea 1st 20 days of June exports -7.5% y/y South Korea's Customs officials with the data
- Exports -7.5% y/y
- Imports for the first 20 days are -12.0% y/y
- Exports per working day are -16.2% y/y
Recovery in global trade will be a slow process. D… https://t.co/AOn2IcWYhm
"Heading into Q3 with promising momentum" @mc_economist on #Korea 20-Day Exports, June #PantheonMacro
Shares in German payment processor Wirecard have halved in early trading, as the financial crisis gripping the firm deepened.
Wirecard has admitted this morning that €1.9bn of missing funds probably doesn’t exist, telling investors that:
“There is a prevailing likelihood that the bank trust account balances in the amount of 1.9 billion euros do not exist.”
Wirecard folds again...
14.592 -43.5%$WDI pic.twitter.com/rdi60B0zp1
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from World news | The Guardian
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