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| ECIC Weekly Market News |
| October 16, 2017 |
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| Market Snapshots |
| Asia and Australasia |
China: Exports up 8.1% yr/yr in September
China’s exports rose 8.1% yr/yr in US dollar terms in September, after a 5.5% growth in August, according to data released by the General Administration of Customs. For the first nine months of 2017, China’s exports increased 7.5% when compared to the same period last year, on the back of stronger external demand. Exports to the United States and the European Union increased by 11.5% and 8.8% respectively. Separately, China’s foreign exchange reserves rose by US$16.98 billion to an 11-month high of US$ 3.11 trillion at the end of September. The steady rise of reserves has fuelled expectations that Beijing may soon relax its controls over capital outflow. |
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| Europe |
Eurozone: Industrial production up 1.4% mth/mth in August
Eurozone’s industrial production rose by 1.4% mth/mth in August, after a 0.3% expansion in July, according to estimates from Eurostat, the statistical office of the European Union. The increase was due to production of capital goods rising by 3.1%, durable consumer goods by 1.3%, intermediate goods by 1.2% and energy by 0.2%, while production of non-durable consumer goods remained stable. Among Member States for which data are available, the highest increases in industrial production was registered in Malta (+5.4%) and Portugal (+4.7%), and the largest decreases in the Netherlands (-1.8%), France and Finland (both -0.4%). Compared to a year earlier, industrial production in the currency bloc increased by 3.8%.
Spain: Deadline issued to Catalonia to clarify independence
Spanish Prime Minister Mariano Rajoy has given Catalonia's leader Carles Puigdemont five days, up to today, to say whether or not he has declared independence. If Puigdemont confirms that he has, he will be given a further three days to withdraw the declaration, or Catalonia, an autonomous region, faces the prospect of direct rule from central government. A referendum, which had been declared invalid by Spain's Constitutional Court, was held on 1 October. According to the Catalan government, it resulted in almost 90% of voters backing independence. Following the referendum, a slate of Spanish companies announced plans to move their legal headquarters out of Catalonia. |
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| Latin America |
Mexico: Inflation down to 6.35% in September
Mexico’s inflation eased for the first time since June 2016 to 6.35% in September, down from a 16-year high of 6.66% in the prior month. Following a 7.1 magnitude earthquake on 19 September, the Mexico City government waived fares on the city’s subway system, and the country’s telecommunications companies made phone calls, messaging and mobile data free. Drop in inflation in September was partly due to reductions in transport and telecommunication fees. However, the inflation rate remains above the central bank’s target of 3%. In an effort to curb inflationary pressures, the bank has lifted its main interest rate by 4% since the end of 2015 to the current level of 7% and estimated that the inflation rate would return to its target toward the end of 2018. |
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IMF forecasts stronger global growth
In its latest World Economic Outlook, the International Monetary Fund (IMF) has slightly raised its forecast for the global economy. It now expects global economy to expand by 3.6% in 2017 and 3.7% in 2018, up 0.1% in each year from its July projection, and well above the growth rate of 3.2% last year. Broad-based upward revisions in the euro area, Japan, emerging Asia, emerging Europe, and Russia more than offset downward revisions for the United States and the United Kingdom.
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N Brown Group Plc (LON:BWNG), a UK-based online clothing retailer, has announced its latest results. For the 26 weeks ended 2 September, the company recorded a 5.6% increase in revenue to GBP453.4 million, partly driven by a surge in sales of its plus-size label Simply Be. |
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Copyright © 2017 Hong Kong Export Credit Insurance Corporation |
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Disclaimer
The information contained in the ‘Weekly Market News’ (WMN) is compiled by the Hong Kong Export Credit Insurance Corporation ("ECIC") for general information only. Whilst ECIC endeavours to ensure the accuracy of this general information, no statement, representation, warranty or guarantee, express or implied, is given as to its accuracy or appropriateness for use in any particular circumstances.
ECIC is not responsible for any loss or damage whatsoever arising out of or in connection with any information including data or programmes on the WMN. ECIC reserves the right to omit, suspend or edit all information compiled by ECIC on the WMN at any time in its absolute discretion without giving any reason or prior notice. Users are responsible for making their own assessment of all information contained in this WMN and are advised to verify such information and obtain independent advice before acting upon it.
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