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| HKECIC Weekly Market News |
| 22 July 2019 |
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| Market Snapshots |
| Asia and Australasia |
China: GDP growth slumps to lowest in 27 years
Data from the National Bureau of Statistics (NBS) showed that China’s economy grew by 6.2% yr/yr in Q2, the slowest quarterly growth rate since 1992 and down from 6.4% in the previous quarter. For the first half of 2019, China’s GDP expanded 6.3% yr/yr, with final consumption expenditure contributing 60.1% to GDP growth. The NBS said that the national economy in the first half performed within the reasonable range and has sustained the momentum of progress in overall stability. However, economic conditions are still severe both at home and abroad, global economic growth is slowing down and the external instabilities and uncertainties are increasing. In relation to US-China trade negotiation, US and Chinese senior officials spoke by phone last week, the second call since the June G20 summit at which the two sides agreed to a truce in their ongoing trade conflict.
Singapore: NODX post biggest drop in more than six years
Data from the Enterprise Singapore showed that Singapore’s non-oil domestic exports (NODX) fell 17.3% in June, after a 16.3% decline in May, posting the biggest year-on-year monthly drop since February 2013. The NODX has also fallen by double-digits for the fourth straight month, as both electronic (-31.9%) and non-electronic exports (-12.4%) plunged further in June. By market, the largest contributors to the NODX decline were Hong Kong (-38.2%), Mainland China (-15.8%) and the European Union (-22.1%). Separately, the International Monetary Fund (IMF) has lowered its 2019 economic growth forecast for Singapore from 2.3% to 2.0%. The IMF said risks to the near-term outlook are tilted to the downside and arise mainly from external sources, including a tightening of global financial conditions, escalation of sustained trade tensions and deceleration of global growth. |
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| Europe |
European Union: Ursula von der Leyen elected new European Commission president
Last week, the European Parliament elected Ursula von der Leyen President of the next European Commission in a secret ballot. Her nomination was approved by 383 votes in favour, 327 against, and 22 abstained. The former German defense minister, who will succeed incumbent President Jean-Claude Juncker on 1 November, announced that she would focus on an ambitious climate agenda to make Europe the first climate-neutral continent by 2050. On Brexit, she said she would be open for a further extension of the UK withdrawal date, which is currently scheduled on 31 October, should more time be required for a good reason. |
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| North America |
US: Retail sales rise in June
The Department of Commerce reported that US retail and food services sales grew 0.4% mth/mth to US$519.9 billion in June, the same pace as in May. The rise was attributed to the improvement in 10 of 13 business categories, including nonstore retailers (+1.7%), motor vehicle & parts dealers (+0.7%), clothing & clothing accessories (+0.5%) and health & personal care stores (+0.5%). Retail sales growth is dragged by gasoline stations (-2.8%) and electronics & appliance stores (-0.3%). Separately, the latest Beige Book published by the US Federal Reserve Board said economic activity expanding modestly amid lingering fears over trade. However, manufacturing and distribution sectors continued to express concern about the negative impact of trade-related uncertainties. Fed Chairman Jerome Powell previously signaled in congressional testimony that the central bank was ready to cut interest rates, perhaps as soon as the July 30-31 meeting, because of concerns about slowing global growth and trade tensions. |
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Honeywell International Inc., (NYSE: HON), a US-based diversified technology and manufacturing company, has announced its second quarter financial results for 30 June 2019. Sales dropped 15% yr/yr to US$9.24 billion due to the lost sales from divesting its home-security products business and transportation-systems business last year. Organic sales, which exclude currency moves, acquisitions and divestitures, rose 5% yr/yr. Second quarter net income jumped 22% to US$1.56 billion mainly came through segment profit improvement. |
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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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