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| HKECIC Weekly Market News |
| 20 May 2019 |
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| Market Snapshots |
| Asia and Australasia |
China: Growth in retail sales and industrial output fell in April
Figures from the National Bureau of Statistics (NBS) showed that China's total retail sales of consumer goods rose 7.2% yr/yr to RMB 3.06 trillion in April, the slowest pace since May 2003 and compared to an increase of 8.7% in March. The data suggested consumers were now beginning to cut back spending on everyday products such as personal care and cosmetics, while continuing to shun more expensive items such as cars. Separate data from NBS showed that total industrial output slowed to 5.4% yr/yr in April, less than the 6.5% expected or the 8.5% gain in March. Amid rising trade tensions with the US, Chinese President Xi is set to meet US President Donald Trump at the G20 gathering in Japan next month. |
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| Europe |
Eurozone: Industrial production dips in March
Eurozone’s industrial production fell by 0.3% mth/mth in March, following a 0.1% contraction in February, according to estimates from Eurostat. Compared with February, production of non-durable consumer goods fell by 1.0% and energy by 0.3% in March, while production of intermediate goods rose by 0.1%, capital goods by 0.4% and durable consumer goods by 0.7%. The bloc’s largest economy, Germany, posted a 0.4% hike in industrial production in March, the first positive month in the year. Production weakened in France (-1.0%) and Italy (-0.9%) following increases in the two previous months in both countries.
UK: Economy rebounds in Q1
The UK GDP growth in Q1 2019 picked up from the subdued growth in Q4 2018, data from the Office for National Statistics (ONS) showed. The economy expanded by 0.5% qtr/qtr in Q1 2019, accelerating from a 0.2% growth in the previous quarter. The economy was given a temporary boost as companies rushed to build up stocks of components and goods before the original March 29 Brexit deadline, the Bank of England (BoE) said. The BoE earlier raised its forecast for UK economic growth this year to 1.5% from its previous estimate of 1.2%, as stockpiling offsets lower business investment. UK is due to leave the European Union (EU) by October 31 after two delays this year triggered by MPs rejecting a Brexit deal Prime Minister Theresa May had struck with the bloc. |
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| North America |
US: Trump declares national emergency over threats against American technology
Last week, US President Donald Trump has signed an executive order declaring a national emergency that empowered the Department of Commerce to ban the sales and uses of information and communications technology and services of foreign adversaries deemed to pose unacceptable risk to the national security of US. Besides, US Department of Commerce said it added Huawei Technologies Co., Ltd. (Huawei) and 68 non-US affiliates of Huawei located in 26 destinations to its Entity List. Firms on the list are prohibited from buying US exports unless American companies receive special licenses from the Commerce Department. The Entity List is scheduled to be published in the Federal Register on 21 May 2019. |
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Walmart Inc. (NYSE:WMT), a US-based supermarket chain, has announced its latest Q1 results ended 30 April 2019. For Q1 2019, total revenues increased 1.0% to US$123.9 billion, with US comparable sales growing 3.4%. Net income totaled US$3.8 billion for the quarter, up 80% and beating estimates of US$2.9 billion. The solid results in the U.S. were slightly offset by a downturn in the retailer's international operations. US e-commerce sales also rose 37% as online grocery sales provided a boost and home and fashion products performed well. |
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Copyright © 2019 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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