Global Cooling Alert: Korean Exports Down 16%, Sharpest Since August 2009, 10th Straight Drop

South Korean exports last month slumped the most in more than six years, with hefty drops in shipments to China, the US and Europe suggesting a further weakening in global demand. 

The South Korean Ministry of Trade, Industry and Energy attributed the declines mainly to a sharp fall in ship contracts and low oil prices, but the sharper-than-expected deterioration is likely to add to fears that a deeper chill is settling over the international economy. 

Exports last month fell 15.8 percent year-on-year to US$43.5 billion, their 10th straight month of declines and the sharpest fall since August 2009, ministry data showed yesterday.

This Is the Worst U.S. Earnings Season Since 2009

So far, about three-quarters of the S&P 500 have reported results, with profits down 3.1 percent on a share-weighted basis, data compiled by Bloomberg shows. This would be the biggest quarterly drop in earnings since the third quarter 2009, and the second straight quarter of profit declines. Earnings growth turned negative for the first time in six years in the second quarter this year.

DYI