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| HKECIC Weekly Market News |
| 12 November 2018 |
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| Market Snapshots |
| Asia and Australasia |
China: Trade surplus widened in October
According to the General Administration of Customs, China’s exports rose 15.6% yr/yr to US$217.28 billion in October, accelerating from a 14.4% in September. Imports grew at a 21.4% yr/yr to US$183.27 billion in October, faster than the 14.5% increase in September. Overall, China registered a total trade surplus of US$34.02 billion in October, up from US$31.1 billion in September. Trade surplus with the US was US$31.78 billion last month, narrowing 6.9% from the record-high of US$34.13 billion in September. Noticeably, October was the first full month after the latest US tariffs on US$200 billion worth of Chinese products went into effect. Separately, State Administration of Foreign Exchange (SAFE) showed that China’s foreign exchange reserves decreased US$33.93 billion to the 18-month low of US$3.053 trillion in October. The SAFE attributed the fall to the combination effect of exchange rate conversion and asset price changes. Looking ahead, continuous upgrade to China’s economy combined with a further opening up of its markets will be conducive to steady cross-border capital flows.
Indonesia: Economic growth slowed in Q3
Indonesia’s economy grew by 5.17% yr/yr in the third quarter of 2018, moderating from 5.27% in the second quarter, according to Statistics Indonesia. The statistics bureau attributed the decline to softer household consumption and negative contribution from foreign trade. Last month, the International Monetary Fund (IMF) cut Indonesia's economic growth forecast for this year from 5.3 to 5.1%, citing tighter global financial conditions and higher international oil prices. |
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| Europe |
Eurozone: Retail trade volume constant in September
Eurozone’s volume of retail trade remained unchanged mth/mth in September, following a 0.3% increase in August, according to estimates from Eurostat. This was due to a rise of 0.4% in food, drinks and tobacco as well as for automotive fuel, while non-food products fell by 0.5%. Within the non-food products sector, “textiles, clothing and footwear” as well as “computer equipment, books and other” recorded a fall of 2.7% and 0.5% respectively, reversing a gain in the preceding month. Among Member States for which data are available, the highest increases in the total retail trade volume were registered in Ireland (+2.9%), Latvia (+1.5%) and Estonia (+1.4%). The highest decreases were observed in Portugal (-1.7%), Austria (-1.0%) and Belgium (-0.8%). |
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| North America |
US: Democrats captured House of Representatives in midterm election
The Democrats have won control of the House of Representatives in the 2018 midterm elections, while the Republicans retained their majority in the Senate. The voter turnout surged to the highest level in decades. It is the first time the Democrats has held the majority in the lower house of Congress for eight years. After elections, Trump said the two parties should set aside partisanship to work together on issues including economic growth, infrastructure and trade. Separately, the Federal Reserve has kept the target range for the interest rate at 2%- 2.25%. The Fed expects further gradual increases in the target range for the federal funds rate, citing labor market has continued to strengthen and that economic activity has been rising at a strong rate. |
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Bowring & Co. Inc. and Bombay & Co. Inc., the Canada-based retailer chains specializing in home furnishing and decorative accessories, have filed for creditor protection in Canada. With US$50 million in debt, the group has become the latest brick-and-mortar retailer to fall victim to the rise of online sales. Currently there are 38 Bowring stores and 43 Bombay stores, with several stores under each brand name remaining open. |
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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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