Market Report – South Korea Grows

Toping today’s Market Report… South Korea narrowly avoids recession growing a tenth of one percent in the first three months. That’s due largely to government stimulus measures which saw construction spending jump at its fastest pace in 16 years. South Korea’s top automaker, Hyundai, and its affiliate, Kia, beat analysts’ forecast, both gaining market share in the US Generous incentives and its smaller, cheaper vehicles appeal to cost-conscious consumers. Strong handset and flat screen TV sales helped Samsung beat forecasts, though profit was 72 percent lower than last year hit hard by weak memory chip prices. But shares in the world’s top memory chipmaker fell after it said it was too early to predict a rebound in demand. HSBC announced it would shift its Japanese equity research and trading businesses to Hong Kong, a move that could lead to job cuts. But shares in top Chinese juice maker Huiyuan soared after news that Coca-Cola was in informal talks with the company, fueling hopes for new partnership options after Beijing blocked an earlier take-over bid.