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| HKECIC Weekly Market News |
| 16 April 2018 |
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| Market Snapshots |
| Asia and Australasia |
China: To further open up the nation’s economy
China’s President Xi Jinping, in his speech at the Boao Forum for Asia, announced a series of reform measures to further open up the Chinese economy. These include easing market access for foreign financial services companies, reducing restrictions on foreign investment in the automotive, shipbuilding and aviation sectors, and lowering import tariffs on foreign cars and some other products, amongst others. Though the speech made no mention of trade war between China and the US, Xi’s measures central to the US president, Donald Trump’s trade complaints. Trump, in his social media expressed his gratitude on Xi’s effort. Separately, China’s exports fell 2.7% yr/yr in US dollar terms in March, following a 44.5% gain in February. Imports grew 14.4% in March, compared with a 6.3% growth in the prior month. As a result, China reported a trade deficit of US$4.98 billion in March, reversing from a trade surplus of US$33.74 billion in February.
India: New import duty on key smartphone components
India has imposed a 10% duty on imports of key smartphone components including printed circuit board assembly, camera modules and connectors with effect from 2 April 2018. The move came as part of the government's flagship 'Make in India' program, which aimed at boosting domestic production of IT and electronic products. This also followed the government’s previous decision to raise duties on an array of low-value items such as batteries, chargers, adaptors, wired headsets, keypads and USB cables and on imported phones. The Indian Cellular Association expects the volume of mobile phones to be made in India will grow 55% in 2018 compared with the previous year. |
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| Europe |
Eurozone: Industrial production down 0.8% mth/mth in February
Eurozone’s industrial production fell by 0.8% mth/mth in February, after a 0.6% decline in January, according to estimates from Eurostat, the statistical office of the European Union. The decrease was due to production of capital goods falling by 3.6%, durable consumer goods by 2.1%, intermediate goods by 0.8% and non-durable consumer goods by 0.5%, while production of energy rose by 6.8%. Among Member States for which data are available, the largest decreases in industrial production were registered in Lithuania (-3.9%), Estonia (-2.7%), Malta and Portugal (both -2.3%), and the highest increases in Latvia and the Netherlands (both +3.9%). |
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| Latin America |
Mexico: Inflation eases to the lowest level in over a year
Mexican inflation rate eased to 5.04% in March from 5.34% in February, data from the national statistics agency showed. It was the lowest inflation rate since February 2017, as prices increased at a softer pace for food, beverages and tobacco as well as housing. The core inflation rate, which excludes volatile items such as food and energy prices, stood at 4.02%. In an effort to curb inflationary pressures, the central bank has lifted its benchmark interest rate in February to the nine-year high of 7.5% and estimated that the inflation rate would move toward its 3% target in the first quarter of 2019. |
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Nine West Holdings Inc., a US-based footwear and apparel company, has filed for Chapter 11 bankruptcy protection. According to court filing, the company listed assets in the range of US$500 million to US$1 billion and liabilities in the range of US$1 billion to US$10 billion. The retailer has agreed to sell its Nine West and Bandolino footwear and handbag businesses to licensing firm Authentic Brands Group Inc.
Kleeneze Limited, a UK-based home shopping company, has gone into administration. The company said it had ceased trading, putting 140 jobs at risk. Administrator is seeking a buyer to save the company. |
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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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