Let’s check in on South Korean shares a day after Donald Trump promised he would do things to Kim Jong-Un that Kim “never thought were possible” (that’s creepy as hell, by the way).
Spoiler alert: the picture is not pretty.
The Kospi slid 1.7% on Friday and has now fallen for four straight sessions, in the worst stretch since… well… since a long time ago.
Note in that chart that we’ve included two sessions where losses weren’t directly attributable to renewed concern about Pyongyang. Simply put, the top was in for the Kospi late last month, and since July 28, the index has fallen more than 5%.
Meanwhile, the won hit its lowest since July 12 earlier today…
… and South Korea’s CDS rose 2bps to 66, that would be the highest in 15 months:
Finally, foreign investors net sold KRW0.9trn in KOSPI this week, that’s the third straight week of selling…
… and marks a notable reversal of the trend we’ve seen all year…
Summed up…
Trump, OOPS!