Top 3 data/events
• China – Modest recovery likely continued in April
• India – Slower CPI increases expected
• United States – Fed speakers are unlikely to surprise the market
• Market focus
• BoK’s surprise decision to cut 25bps is the start...
• BoK unexpectedly cut its base rate by 25bps to 2.50%; we now see 50bps of more cuts in 2013
• The post-meeting statement cited external conditions, low inflation and mixed domestic demand
• BoK will consider the effects of the supplementary budg...
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