|
|
| |
 |
|
| HKECIC Weekly Market News |
| 18 March 2019 |
|
|
|
| |
 |
| |
| |
| Market Snapshots |
| Asia and Australasia |
India: Inflation picks up in February
India’s annual retail inflation rose to 2.57% in February, after easing to a 19-month low of 1.97% in January, according to provisional figures from the Central Statistics Office. The increase in inflation stemmed from higher costs of health, education, household goods, housing, clothing and footwear, among other things. Nevertheless, inflation has come below the Reserve Bank of India’s (RBI) medium-term target of 4% for the seventh month in a row. Separately, unemployment rate climbed to 7.2% in February, the highest since September 2016 and up from 5.9% last February. The persistent low-inflation and moderation of economic growth in the last quarter fueled expectation that the central bank will cut its benchmark interest rate at its April meeting for the second time this year. |
|
|
| Europe |
Eurozone: Industrial production posts rebounds in January
According to Eurostat, Eurozone’s industrial production rose by 1.4% mth/mth in January, the first expansion in three months and was stronger than expected. Output increased across all sub-sectors, including energy (+2.4%), non-durable consumer goods (+2.0%), durable consumer goods (+1.1%), capital goods (+0.9%) and intermediate goods (+0.2%). Among the five largest economies in the Eurozone, industrial production strengthened in Spain (+3.6%), Netherlands (+2.9%), Italy (+1.7%) and France (+1.3%), while weakened in Germany (-0.9%). Germany’s economy ministry cited the unexpected drop was attributed to temporary factors including car-model changes and strikes at auto suppliers.
UK: MPs vote seeks delay to EU departure
Last week, UK Members of Parliament (MPs) rejected Prime Minister Theresa May's revised Brexit deal for the second time in a meaningful vote by 391 votes to 242. This was followed by the parliament’s vote against a 'no deal' Brexit while supported to postpone the UK’s departure beyond the scheduled deadline 29 March. May is reportedly considering a third attempt to get her Brexit deal approved by Parliament this week. If MPs agree on the deal, the government would request a short technical extension of Brexit deadline from the EU, possibly by three months to 30 June, otherwise the delay will be much longer. |
|
|
| North America |
US: Retail sales bounce back in January
The Department of Commerce reported that US retail sales grew 0.2% mth/mth to US$504.4 billion in January, after a plunge of 1.6% in December 2018. The rise was attributed to the improvement in eight of 13 business categories, including sporting goods, hobby, musical instrument & book stores (+4.8%), building material & garden equipment & supplies dealers (+3.3%) as well as nonstore retailers (+2.6%). A separate report from the Department of Labour showed that US Consumer Price Index (CPI) increased 0.2% mth/mth in February, compared to a flat reading in January. On an annual basis, CPI rose 1.5% in February, the lowest level since September 2016. The Federal Reserve has set a 2 percent inflation target, while Fed Chairman Jerome Powell reiterated the central bank's wait-and-see approach to further monetary policy tightening this year. |
|
|
|
| |
|
| |
|
|
| |
Z Gallerie, LLC, a US-based home furnishings retailer, has filed for Chapter 11 bankruptcy protection. According to court filing, the company intends to close as many as 17 of its 76 stores and will seek approval of a US$28 million facility from its existing secured lender. All of its stores nationwide will remain open and continue to operate on a normal schedule for the course of the estimated four-month Chapter 11 processes. |
|
|
| |
|
|
| |
Hong Kong Export Credit Insurance Corporation
2/F, Tower 1, South Seas Centre, 75 Mody Road, Tsim Sha Tsui East, Kowloon, Hong Kong |
| Phone：(852) 2732 9988 Website : www.hkecic.com E-mail : info@hkecic.com |
| If you no longer wish to receive email messages from HKECIC, please click "unsubscribe". |
|
|
|
| |
Copyright © 2019 Hong Kong Export Credit Insurance Corporation |
|
|
|
|
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.
|
|
