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| HKECIC Weekly Market News |
| 2 July 2019 |
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| Market Snapshots |
| Asia and Australasia |
Hong Kong: Exports decreased by 2.4% yr/yr in May
The Census and Statistics Department reported that the values of Hong Kong's total exports of goods decreased by 2.4% yr/yr to HK$343.1 billion in May, after a decrease of 2.6% in April. For the first five months of 2019 as a whole, the value of total exports of goods dropped by 2.5% over the same period in 2018. Decreases were registered in some major destinations, in particular India (-19.6%), the USA (-12.0%), Taiwan (-11.7%), the Mainland China (-5.0%) and Germany (-5.0%). However, year-on-year increases were registered in Singapore (+13.9%) and the Netherlands (+10.9%). A Government spokesman said that merchandise exports remained subdued in May, affected by the weaker global economy and US-Mainland China trade tensions. The situation was similar to that in many other Asian economies. Looking ahead, the near-term outlook for Hong Kong's exports will continue to be clouded by various external uncertainties, including notably the evolution of US-Mainland trade relations.
Japan: Retail sales post strongest growth in five months
Japan’s retail sales increased by 1.2% yr/yr in May, up from 0.4% in April, a preliminary report from the Ministry of Economy, Trade and Industry showed. Retail sales grew at the fastest pace in five months. In particular, retail sales rose faster for machinery & equipment (+5.6%) in May, thanks to strong sales of air conditioners and refrigerators. Drug and cosmetics advanced 4.8% and fabrics apparel & accessories rebounded to a growth of 4.1% from a 0.5% drop last month, while sales for general merchandise (-2.0%) shrank for the eleven straight month. On a seasonally-adjusted basis, retail sales gained 0.3% mth/mth in May, improving from a 0.1% decline in April. |
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| Europe |
Germany: Business sentiment dips to a near five-year low
Business survey from the Munich-based Ifo Institute showed that the business sentiment among German company managers has cooled further. The Business Climate Index fell from 97.9 points in May to 97.4 points in June. The index has declined for the third consecutive month, marking its lowest level since November 2014. Ifo economist Klaus Wohlrabe said the trade conflict between the US and Mainland China was the main source of uncertainty for German businesses. By sector, the fall was contributed by declines in three of four sectoral business climate indicators. |
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| North America |
US: Trump says trade talks with Mainland China will continue
Last week, leaders from the world's major economies met in Osaka as Japan hosted the G20 Summit & Ministerial Meetings. US President Donald Trump and Chinese President Xi Jinping have a meeting on the sidelines of the G20 summit. After the meeting, Trump agreed to suspend new tariffs and restart trade talks. Trump also told reporters that he would ease restrictions against Huawei. Yet, White House economic advisor Larry Kudlow later clarified that the administration has not removed Huawei from the Entity List that largely blocks the company from buying US products. Instead, the Commerce Department will simply grant more licenses to allow US companies to sell products to Huawei so long as those sales pose no threat to national security. |
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Bathstore.com Limited, the UK’s largest bathroom specialist with 132 stores, has gone into administration after failing to find a buyer, putting more than 500 jobs at risk. The joint administrator said despite significant investment into the business over the past five years, Bathstore has struggled to overcome the well-documented challenges facing the UK retail sector. Bathstore is continuing to trade during the administration process. |
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Hong Kong Export Credit Insurance Corporation
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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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