Canary On The Containerships: South Korean Exports/GDP Weakest Since Q3 2009

Since then, this remarkable “leading indicator” had only sunk further, with the latest print in South Korean exports slumping to a -8.2% Y/Y print, implying a collapse in Global EPS 12 months onward…..We got confirmation of that moments ago when its GDP just printed a horrible miss, when GDP printed just 2.0% Y/Y, below the 2.3% estimate and Q2’s 2.8%. In fact, to find a weaker print one would have to go all the way back to Q3 of 2009 when the economy expanded only 0.9%.