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| HKECIC Weekly Market News |
| 28 Jun 2021 |
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| Market Snapshots |
| Asia and Australasia |
Hong Kong: HKTDC sees Hong Kong exports to grow 15% this year
The HKTDC Export Index, a gauge of the prospects of the near-term export performance of Hong Kong traders, rose for the fifth straight quarter to 48.7 points in Q2 from 39.0 in Q1. Exporter confidence continues to improve across many of the major industry sectors, with machinery (55.9) and electronics (48.8) both outperforming the overall average. The Asian region continued to be seen as having the best prospects, with Mainland China (50.3) returning to expansionary territory in the quarter. However, HKTDC warned that the COVID-19 pandemic remained the key issue for Hong Kong exporters. Meanwhile, HKTDC has made an upward revision to its estimates for this year's total export growth, from 5% to 15%, citing improving sentiment, strong export performance and a relatively low comparison base.
Australia: Retail sales growth eases in May
Preliminary figures from the Australian Bureau of Statistics (ABS) revealed that Australia’s retail sales in seasonally adjusted terms edged up 0.1% mth/mth to AUD 41.1 billion in May, versus a 1.1% rise in April. The authority said there were mixed results across the industries and states and territories, with Victoria falling 1.5% as the state entered its fourth COVID-19 lockdown on 28 May. By industry, the rise in food retailing was offset by the falls in household goods retailing, and clothing, footwear and personal accessory retailing. On an annual basis, the turnover surged 7.4% in May attributable to the low base effect from last year. |
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| Europe |
Eurozone: Consumer confidence continues improving
The European Commission reported that Eurozone’s flash consumer confidence indicator improved to -3.3 points in June from -5.1 points in May, well above its pre-pandemic level. The indicator is at its highest level since January 2018, as consumer confidence is boosted by further reopening of economy in the largest European countries and ongoing progress of the COVID-19 vaccinations. On a separate note, the European Commission has approved EUR 191.5 billion in pandemic recovery funds for Italy. Italy’s Premier Mario Draghi said the funds will make Italy more just, more competitive and more sustainable in its growth. Italy is one of the European countries hardest hit by the COVID-19, with the economy shrinking 8.9% in 2020. |
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| North America |
US: Powell reiterates high inflation temporary
Last week, Federal Reserve chairman Jerome Powell said in testimony for a congressional hearing that the economy has shown sustained improvement, with real GDP this year appearing to be on track to post its fastest rate of increase in decades. The Fed chair noted that, while inflation had increased notably in recent months which reflected in part the low base effects of last year, the surge of oil prices, the reopening effect as well as the supply bottlenecks, the inflation is temporary and expected to drop back toward the longer-run goal. Powell’s comments came at a time when the markets are speculating that the US central bank will start to increase its benchmark interest rate in 2023. |
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US Department of Commerce has added five Chinese entities to the Entity List for alleged use of forced labour in the Xinjiang region. The Commerce Department is adding Hoshine Silicon Industry (Shanshan) Co., Ltd. and four others involved in silicon production to its Entity List, which requires US companies to get a license to sell them products or technology. Chinese Ministry of Foreign Affairs spokesman Zhao Lijian said the act of the US violated international trade rules and undermined the global industrial and supply chains. |
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Hong Kong Export Credit Insurance Corporation
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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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