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| HKECIC Weekly Market News |
| 7 April 2021 |
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| Market Snapshots |
| Asia and Australasia |
China: Factory activity gains steam in March
The National Bureau of Statistics (NBS) reported that China’s Manufacturing Purchasing Managers' Index (PMI) rose from 50.6 in February to 51.9 in March. A reading above 50 reflects expansion, while a reading below indicates contraction. March’s reading also marks the highest level since December last year. NBS senior statistician Zhao Qinghe said that factory activity recovered at a faster pace after the Spring Festival holiday which fell in February this year. While overall improvement was seen in the production and operation conditions of enterprises of different sizes, March’s PMI posted a larger increase for small-sized enterprises, representing that confidence for market development strengthened among them.
Japan: Retail sales fall for third straight month
According to the Ministry of Economy, Trade and Industry, Japan’s retail sales fell 1.5% yr/yr in February, versus a 2.4% drop January. This marks the third consecutive month of decline, as consumer sentiment remained weak amid the COVID-19 crisis. In particular, sales continued to fall for fabrics, apparel & accessories (-17.9%), general merchandise (-10.0%), fuel (-9.4%), among other things, while rebounded for machinery & equipment (+11.2%). Last month, organizers of the Tokyo 2020 Olympics and Paralympics announced to hold the games this summer without overseas spectators in an effort to curb the spread of the virus. The decision dashed the government expectation for a boost to consumer spending it had previously anticipated. |
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| Europe |
Eurozone: Economic sentiment rises to one-year high
Data from the European Commission showed that Eurozone’s Economic Sentiment Indicator (ESI) rose for two straight months to 101.0 in March, up from 93.4 in February. The ESI attained its highest level since February last year as optimism surrounding consumers and all business sectors improved. The Commission added that the increases were of a magnitude not seen since last summer’s steep recovery following the first phase of the COVID-19 pandemic. Remarkably, Germany stood out with the largest monthly improvement of its ESI on record (+7.9) with sentiment returning to above its long-term average. Significant increases were also recorded in Spain (+6.2), France (+5.4), Italy (+4.9), among other countries. |
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| North America |
US: Biden unveils US$ 2 trillion infrastructure plan
Last week, US President Joe Biden introduced a roughly US$ 2 trillion in spending over eight years to revamp national infrastructure and reshape the economy. Biden said in a speech that his plan helped create the strongest, most resilient, innovative economy in the world, and to create millions good-paying jobs. The plan includes investing US$ 621 billion to modernize transportation infrastructure such as bridges, roads, airports and electric vehicle development, injecting US$ 580 billion in strengthening American manufacturing, among other things. The infrastructure package would be paid for over 15 years by raising the corporate tax rate from 21% to 28% and setting the global minimum tax for multinational corporations at 21%. |
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UK-based camera retailer Jessops has gone into administration, putting 120 jobs at risk. The company has appointed advisory firm FRP to explore a Company Voluntary Arrangement to restructure its business. FRP partner Geoff Rowley attributed the administration to the growing online competition as well as the challenges faced by all high street retailers in operating through the restrictions imposed during the COVID-19 pandemic. |
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Copyright © 2021 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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