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| HKECIC Weekly Market News |
| 9 April 2018 |
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| Market Snapshots |
| Asia and Australasia |
Indonesia: Inflation accelerates in March
Indonesia’s inflation accelerates to 3.40% in March from 3.18% in February, mainly due to higher prices in raw food and transportation, according to the Central Statistics Agency. Nevertheless, the inflation rate remained within the Indonesian central bank’s target range of 2.5% to 4.5%. At its March meeting, the central bank left its benchmark interest rate unchanged at 4.25%, the level since September 2017. The central bank viewed that its decision was consistent with efforts to maintain macroeconomic and financial system stability, while supporting the domestic economic recovery. It also projected the country’s economy to grow between 5.1% and 5.5% in 2018. |
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| Europe |
Eurozone: Retail trade up by 0.1% mth/mth in February
Eurozone’s volume of retail trade edged up by 0.1% mth/mth in February, according to estimates from Eurostat, the statistical office of the European Union. The increase was due to rises of 0.9% for automotive fuel and of 0.8% for “Food, drinks and tobacco”, while non-food products fell by 0.5%. Among Member States for which data are available, the highest increases in the total retail trade volume were registered in Estonia (+2.0%), Belgium (+1.6%) and Malta (+1.5%), while the largest decreases were observed in Latvia (-2.3%) and Austria (-1.5%).
Turkey: Trade deficit widens in February
Data from the Turkish Statistical Institute showed that Turkey’s trade deficit stood at US$5.76 billion in February, widening by 54.2% from the same month a year ago. The value of exports rose by 9.0% and imports jumped at a faster 19.7%. The growth in imports was boosted by higher sales of manufacturing (+18.2%), agriculture (+51.8%) as well as mining and quarrying (+6.6%), among other things. A separate report showed that the Turkish economy grew by 7.4% in 2017, compared to a 3.2% growth in 2016. Household consumption, which made up more than half of the country’s economy, increased by 6.1% from a year earlier, while gross fixed capital formation increased by 7.3%. |
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| North America |
US: Trade Representative proposes putting tariffs on more than 1,300 Chinese products
The US Trade Representative (USTR) proposed a 25% tariff on some 1,300 products imported from China, such as motorcycles, medical devices, aircraft parts, machines, semiconductors, batteries, chemicals and home appliances. This will undergo further review in a public notice and comment process. In response, China has published a list of products worth US$50 billion on US imports that will be subject to 25% tariff. The list covers 106 types of products, including soybeans, planes, automobiles, beef and chemical products. The final measure and date of implementation will be announced separately. Donald Trump subsequently ordered his administration to put together a plan for an additional product worth US$100 billion in tariffs on imports from China. |
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PriceSmart, Inc (NASDAQ: PSMT), a US-based membership shopping warehouse clubs operator, has announced its latest results. For the six months ended 28 February 2018, net sales increased 4.8% to US$1.61 billion. Net profit decreased 29.8% to US$36.6 million.
Ollie’s Bargain Outlet Holdings, Inc (NASDAQ: OLLI), a US-based retailer of closeouts, overstocks, package changes, manufacturer refurbished goods, released its full year result ended 2 February 2018. Total sales increased 21% to US$1.01 billion and net profit increased 113.5% to US$127.6 million. The increase was benefited from increased comparable store sales, one additional week sales, increase in store count. |
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