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| HKECIC Weekly Market News |
| 17 June 2019 |
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| Market Snapshots |
| Asia and Australasia |
China: Trade surplus widens in May
According to the General Administration of Customs (GAC), China’s exports rose 1.1% yr/yr to US$213.85 billion in May, rebounding from a 2.7% drop in April. In contrast, China’s imports fell 8.5% yr/yr to US$172.19 billion, compared to a 4.0% gain in April. Overall, China registered a total trade surplus of US$41.66 billion in May, marking the highest level since December 2018. In particular, China’s trade surplus with the US widened to a four-month high of US$26.89 billion in May, from US$21.01 billion in April. The large trade imbalance between the US and China has been one of US President Donald Trump’s stated goals in applying elevated tariffs on US imports from China. But high-level negotiations between the two countries stalled after US raised tariffs on US$200 billion worth of Chinese goods last month, claiming that China broke the deal in talks.
Singapore: Retail sales dips in April
Singapore retail sales were down 1.8% yr/yr to about SGD 3.5 billion in April, deepening from a 0.9% drop in March, data from the Department of Statistics showed. The decline marks the third straight decline in retail sales since February and most retail categories recorded lower sales. The biggest decreases were registered in computer and telecommunications equipment (-6.7%) and furniture and household equipment (-6.5%). However, sales of the wearing apparel & footwear category grew by 3.4%, due partly to higher demand for bags & footwear. |
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| Europe |
Eurozone: Industrial production falls most in four months
Eurozone’s industrial production fell by 0.5% mth/mth in April, following a 0.4% contraction in the preceding month, according to estimates from Eurostat. Compared with March, production of durable consumer goods fell by 1.7%, capital goods by 1.4% and intermediate goods by 1.0%, while production of non-durable consumer goods rose by 0.2% and energy by 1.4%. Germany, the bloc’s largest economy, suffered a 2.3% drop, while output in Italy declined by 0.7%. Production in France rose by 0.4%. Separately, the European Central Bank (ECB) has left its key interest rates unchanged at its June meeting and expected they would remain at their present levels at least through the first half of 2020. |
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| North America |
US: Inflation barely rose in May
US Consumer Price Index (CPI) increased 0.1% in May on a seasonally adjusted basis after rising 0.3% in April, the US Bureau of Labor Statistics reported. The indexes for shelter, medical care, airline fares, education, household furnishings and operations, and new vehicles rose in May, while the indexes for used cars and trucks, recreation, and motor vehicle insurance were among those that declined over the month. On an annual basis, the CPI increased 1.8% in May, easing from a five-month high of 2.0% in April and raising the likelihood the Federal Open Market Committee will cut the benchmark interest rate at its meeting on 18-19 June. Regarding the trade conflict between the US and Mainland China, US President Donald Trump said he still plans to meet with Chinese President Xi Jinping later this month in G20 Summit. |
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Tesco Plc (LON: TSCO), the biggest supermarket chain in the UK, has announced its first quarter trading update. For the first quarter ended 25 May 2019, the group’s total and like-for like sales rose 0.4% and 0.2% respectively. Chief Executive Dave Lewis said while the overall UK grocery market was subdued, Tesco had outperformed in both sales and volume terms by 0.2% and 1.3% respectively, citing industry data. |
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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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