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| HKECIC Weekly Market News |
| 10 September 2018 |
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| Market Snapshots |
| Europe |
Eurozone: Retail trade falls for first time in three months
Eurozone’s volume of retail trade decreased by 0.2% mth/mth in July, the first decline in three months, according to estimates from Eurostat. The decrease was due to a fall of 0.7% for automotive fuel and 0.6% for food, drinks and tobacco, while non-food products rose by 0.4%. Among Member States for which data are available, the largest decreases in the total retail trade volume were observed in Belgium (-2.1%) and Portugal (-1.0%). The highest increases were registered in Slovakia and Estonia (both +1.1%).
Turkey: Inflation continues to build up in August
Turkey’s consumer price inflation rose to 17.90% yr/yr in August from 15.85% in July, according to Turkish Statistical Institute. This is the highest inflation rate since December 2003 and remained well above the central bank’s 5% annual target. Prices rose faster for all main expenditure groups, especially transportation (+27.13%), furnishing and household equipment (+23.76%), miscellaneous goods and services (+23.23%), and food and non-alcoholic beverages (+19.75%). Against a backdrop of rising inflation and plummeting Turkish lira which depreciated by about 40% against the US dollar in the year to date, the central bank said the monetary stance will be adjusted at the September monetary policy committee meeting, fueling expectation that the bank will raise its benchmark interest rate. |
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| North America |
US: Trade deficit jumps to 5-month high in July
The US Department of Commerce reported that US’s goods and services deficit stood at US$50.1 billion in July, widened from US$45.7 billion in June and has reached the highest level since February, as imports hit an all-time high and exports of soybeans and aircraft declined. Exports slipped 1.0% mth/mth to US$211.1 billion in July, while imports rose 0.9% mth/mth to a record of US$261.2 billion on increased purchases of computers, petroleum as well as automotive vehicles, parts and engines. In particular, the goods deficit with China and the European Union set record highs to US$36.8 billion (+10.0% from June) and US$17.6 billion (+50.0% from June) respectively. Separately, the public consultation on Trump’s proposal for additional tariffs on another US$200 billion of Chinese imports ended on 6 September 2018. On top of this, President Trump said he is ready to impose tariffs on an extra US$267 billion in Chinese goods on short notice. |
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| Africa |
South Africa: Economy slips into recession
Data from Statistics South Africa showed that the South African economy fell by 0.7% qr/qr in Q2, following a 2.6% drop in Q1, driven by weak performance in the agricultural sector after a major drought earlier this year. Meanwhile, the trade and transport sectors also saw output declines. The economy has shrunk for two consecutive quarters, pushing the country into a recession for the first time since 2009. With the unemployment rate rising to 27.2% in Q2, the recession is the latest warning sign for the President Cyril Ramaphosa, who has promised to create jobs to revive the struggling economy. Credit rating agency Moody’s slashed the country’s 2018 economic growth forecast by half to 0.7% from 1.5% at the start of the year and said the weaker-than-expected economic performance will exacerbate fiscal and monetary challenges. |
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Autel Robotics USA LLC (Autel Robotics), a US subsidiary of China's Autel Intelligent Technology Co., Ltd., filed a patent-infringement complaint with the US International Trade Commission (ITC) against Shenzhen-based rival SZ DJI Technology Co., Ltd. (DJI), a leading Chinese commercial drone maker. Autel Robotics requested the ITC to conduct an investigation toward DJI and ban the import and sale of DJI drones in the US. |
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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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