So let’s talk about the second half 2019 recovery

so let's talk about the 2h19 recovery pic.twitter.com/Ke1zGqjDne

— Alastair Williamson (@StockBoardAsset) May 20, 2019

Korean exports to:

China fell -15.9% YoY (this is Korea's largest country-level MARKET) 🤢
EU -19.4%, ouch 🤢
Japan -1.4%
US -4.4%

Chips -33%
Oil product -5.1%
Car +12.6%
Wireless telecom devices +5.2

As a very China-exposed economy, Korean exports & investment are badly hit😬

— Trinh (@Trinhnomics) May 21, 2019

Since we're on this rant, let's take some time to look at that curious case of 📈GDP for Japan, yes it rose 2.1% qoq saar:

Domestic demand 📉(private demand 📉; consumption 📉; investment 📉; capital investment 📉; public demand 📉; overall investment📉; exports 📉& imports📉🙄 pic.twitter.com/wz2xxkMb77

— Trinh (@Trinhnomics) May 21, 2019

Credit quality declines at big US business lenders

The quality of big US banks’ commercial lending portfolios is deteriorating for the first time in nearly three years, leaving investors to wonder whether there is worse to come should the ebullient economy slow.

Non-performing loans at the 10 largest commercial lenders rose 20 per cent, or $1.6bn, in the first quarter, according to an analysis by the Financial Times. That reversed a steady improvement in credit quality dating back to 2016, when a wave of borrowers fell into default after oil prices crashed.

The level of sour loans remains historically low relative to banks’ balance sheets. JPMorgan Chase’s $1.9bn of commercial non-performing loans, for example, is part of a $442bn portfolio. But the sudden increase in problem credit is raising concerns, given low interest rates and strong economic growth.