At the tail end of the week we are getting South Korean export growth for the first 20 days of February. The recent numbers have been showing a turnaround in export growth, which provide currently a positive read-through to sentiment surrounding global trade & MSCI world earnings. However, the improvements have so far only been driven by base effects. Base effects remain positive for February. Indeed, even a halving of Korea’s exports in February vs January will translate to an improving year-over-year number. In frankness, it’ll be hard to draw firm conclusions from these numbers, both because of the timing of the Lunar New Year and the virus, though it might produce some click-bait charts.