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| HKECIC Weekly Market News |
| 10 December 2018 |
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| Market Snapshots |
| Asia and Australasia |
South Korea: Q3 GDP growth unchanged at 0.6%
South Korea’s economy grew 0.6% qtr/qtr and 2.0% yr/yr in Q3, according to data released by the Bank of Korea, and suggesting it may underperform the targeted 2.7% annualized growth rate which has already been revised downward from 3.0% earlier this year. The figure of 0.6% was the same as Q2, but the year-on-year figure was the slowest annual growth rate since 2009. During the third quarter, construction spending and corporate facility investment rates both fell, but exports and consumer spending remained robust. Separately, the country’s inflation rose 2.0% yr/yr in November, the same rate as in October. This remained the highest inflation rate since September 2017 but within the central bank’s target of 2%. Last month, despite an uncertain economic outlook, the central bank raised its key interest rate from 1.5% to 1.75%, the first rate hike since November last year. |
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| Europe |
Eurozone: Volume of retail trade up by 0.3% in October
Eurozone’s volume of retail trade increased by 0.3% mth/mth in October, following a 0.5% decline in September, according to estimates from Eurostat. The increase was due to a 1.0% rise for automotive fuel and a 0.6% rise for food, drinks and tobacco, while non-food products decreased by 0.1%. Among Member States for which data are available, the largest increases in the total retail trade volume were registered in Slovenia (+7.9%), Portugal (+2.3%) and Austria (+1.6%) and the highest decrease was observed in Finland (-2.0%). |
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| North America |
US: Trade deficit hits 10-year high
The US Department of Commerce reported that US’s goods and services deficit increased 1.7% mth/mth to US$55.5 billion in October, and has reached the highest level since October 2008. The trade gap has now widened for a five straight months. Exports slipped 0.1% mth/mth to US$211.0 billion in October, weighed down by a decrease in foods, feeds and beverages as well as capital goods. Meanwhile, imports rose 0.2% mth/mth to a historic high of US$266.5 billion on increased purchases of consumer goods and automotive vehicles, parts and engines. Remarkably, the trade deficit with China rose to a record high of US$43.1 billion in October as soybean exports dropped nearly 47% from September to October. Separately, US President Trump said in a Twitter post that he was confident that a trade deal with China could be reached within the next 90 days. |
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| Africa |
South Africa: Economy returned to growth of 2.2% in Q3
Data from Statistics South Africa showed that the country’s economy grew 2.2% qtr/qtr in Q3, following two consecutive quarters of negative growth. The positive growth was mainly driven by the manufacturing sector (+7.5%), as production increased for basic iron and steel, metal products and machinery. Growths were registered in agriculture (+6.5%) and transport (+5.7%), which have bounced back from contraction in Q2. However, the economy is still facing structural challenges including a weak labour market with the unemployment rate surged to a one-year high of 27.5% in Q3. Last month, the central bank also lowered the country’s 2018 growth forecast from 0.7% to 0.6%. |
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Meng Wanzhou, the Chief Financial Officer of Chinese telecom equipment giant Huawei Technologies Co., Ltd., has been detained by Canadian authorities at the request of the US government. She is accused of violating US trade sanctions against Iran and may face extradition to the US for trial. China’s Foreign Ministry has summoned the US and Canada’s Ambassador to China, in a protest over the detention of Meng Wanzhou. |
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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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