Goldman Sachs considers Korean trade data to be Asia's
"canary in the coal mine" due to its high correlation to economic
activity in mainland Asia.
Unfortunately, the canary is looking sick. South Korean July exports plunged 8.8 percent from a year
ago. Economists surveyed by Bloomberg
were looking for a decline of 3.7 percent.
This disappointing number comes as global PMI data shows
that deterioration in the world's manufacturing sectors.
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