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| HKECIC Weekly Market News |
| 3 April 2018 |
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| Market Snapshots |
| Asia and Australasia |
Hong Kong: Exports up 1.7% yr/yr in February
The Census and Statistics Department reported that the values of Hong Kong's total exports of goods recorded year-on-year increase of 1.7% in February, after going up 18.1% in January. For the first two months of 2018 as a whole, year-on-year increases were registered in the values of total exports to most major destinations, in particular India (+22.4%), Taiwan (+22.3%), Germany (+16.0%), the USA (+12.0%), Japan (+11.2%), Singapore (+10.9%) and the Mainland (+9.9%). Government spokesman commented that while the sustained expansion of the global economy remains supportive to Hong Kong's exports, uncertainties in the external trading environment have increased visibly in recent weeks due to rising trade tensions between the US and other major economies.
South Korea: Economy grows 2.8% yr/yr in Q4
South Korea’s economy grew 2.8% yr/yr in the fourth quarter of 2017, easing from 3.8% in the prior quarter, according to data from South Korea’s central bank. Exports and imports of goods and services decreased by 0.6% and increased by 4.1% respectively, compared to 4.4% and 7.4% growth in the previous quarter. For the whole of 2017, South Korea’s economy expanded by 3.1%, improving from 2.9% in 2016. For 2018, the Organization for Economic Co-operation and Development forecast South Korea’s economy will expand by 3.0%. |
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| Europe |
Eurozone: Economic confidence drops for three months in a row
Eurozone’s Economic Sentiment Indicator (ESI) dropped by 1.6 points to 112.6 in March, marking the lowest reading since September 2017, according to data from the European Commission. This was the third consecutive fall, contributed by marked declines in three of five sectoral confidence indicators, including retail trade, industry and services. Confidence in consumer remained broadly unchanged, while confidence in construction improved. The ESI weakened in all the five largest Eurozone economies, including Germany (-2.4), Italy (-1.8), Spain (-1.2), the Netherlands (-0.5) and France (-0.4). |
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| North America |
US: To seek trade solutions with China
Following US President Donald Trump’s plan to impose steep tariffs on imports from China, Mr. Trump’s administration officials asked China to reduce tariffs on US automobiles, to purchase more US semiconductors and to allow greater access to China’s financial sector by American companies, as ways to resolve the US-China trade tensions. In response to US steel and aluminum tariffs, China’s Ministry of Finance announced on 1 April 2018 to impose a 15% tariff on 120 types of products imported from US including fruits and related products as well as a 25% tariff on eight types of US imports including pork and related products. The tariffs have come into effect from 2 April 2018. |
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| Africa |
South Africa: Central bank cuts interest rate by 0.25%
South Africa’s central bank has lowered its benchmark lending rate by 0.25% to 6.50% against a backdrop of easing inflation. South Africa’s inflation stood at 4.0% in February, the lowest level in almost three years, staying within the central bank’s target range of 3.0% to 6.0%. The central bank viewed that while the increase in the value-added tax (VAT) rate from 14% to 15% implemented on 1 April 2018 will place upside pressure on inflation, this will be mitigated by the stronger exchange rate. The central bank now sees inflation to average 4.9% in 2018 and 5.2% in 2019. |
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Southeastern Grocers LLC, a US-based supermarket operator, has filed for Chapter 11 bankruptcy protection. According to court filing, the company listed both assets and liabilities between US$1 billion and US$10 billion. The company said it will continue to operate over 580 stores as it restructures its debt. |
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Hong Kong Export Credit Insurance Corporation
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Copyright © 2018 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 ("HKECIC") for general information only. Whilst HKECIC 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.
HKECIC 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. HKECIC reserves the right to omit, suspend or edit all information compiled by HKECIC 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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