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International
South Korea's Business Sentiment Improves to Over Three-Year High in May
The composite business sentiment index in all industries in South Korea increased four points to 98.9 in May from 94.9 in April, while the outlook for the next month added 3.7 points to 97.6, according to data released by the Bank of Korea on Wednesday.The latest print marked the highest in over three years.The seasonally adjusted composite business sentiment index for the manufacturing sector added 1.7 points to 100.8, while the outlook for the following month also added 2.3 points to 100.3, the central bank said.For the non-manufacturing sector, the seasonally adjusted composite business sentiment index increased 5.4 points to 97.5, while the outlook for the following month added 4.7 points to 95.9.Meanwhile, the economic sentiment index, a composite of the business survey and consumer survey indices, went up 5.8 points to 97.5.
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International
Market Chatter: Japan's May Crude Imports Set to Recover as Refiners Find Alternative Routes
Japan's May crude oil imports are forecast to reach roughly 1.7 million barrels per day, about 75% of the year-ago level, as refiners boost alternative supplies while the Strait of Hormuz stays largely closed, Bloomberg News reported on Tuesday.According to Bloomberg's vessel-tracking data up to May 19, this figure is expected to surpass the government's earlier forecast, driven mainly by independently arranged shipments from the U.S. and Saudi Arabia via the Red Sea, the news wire said.Some cargoes destined for Japan could still be diverted, it said.On May 12, the Japanese government projected alternative supplies from outside Hormuz and from the U.S. would reach about 1.4 million barrels per day in May, plus an extra 70,000 barrels a day from vessels that passed through the strait on April 29, the publication said.Authorities had intended to cover any deficit by tapping into national reserves, the report said.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
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International
Daily Roundup of Key US Economic Data for May 26
The Conference Board's Consumer Confidence Index fell to 93.1 in May from a 93.8 reading in April due to a decline in the present situation that was offset by an increase in the expectations index.The Conference Board cited the negative impact of the war in the Middle East as a key factor.The Dallas Federal Reserve's manufacturing reading rose to 0.4 in May from minus 2.3 in April.The FHFA home price index posted a 0.1% gain in March after falling by 0.1% in February. The index was 1.7% higher than a year ago. For Q1 as a whole, prices rose by 0.5% from the previous quarter and were up 1.7% compared with the same quarter a year earlier.Released at the same time, S&P Case-Shiller reported a 0.7% March home price gain, up from 0.3% in February. The index was up 0.7% year-over-year, down from the 0.8% rate in the previous month.The Philadelphia Fed's services measure fell to minus 23.6 in May from minus 16.5 in April, indicating faster deceleration.The Chicago National Activity Index rebounded in April, now indicating expansion after contraction in March.