The value of exports from China in dollar terms January and February rose 7.1 percent from the same period last year, the government reported.
Category: TRENDS ON THE GLOBAL ECONOMIC FRONT – Mar 12 2024
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TOP TREND 2024, EV GO FU: BYD CUTS EV PRICES IN CHINA
BYD, one of China’s largest makers of electric vehicles (EVs), has again cut the sticker price of the basic version of its Seagull model amid an EV price war in the country.
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RETAILERS’ SHARE PRICES FALL ON WEAKER SALES AND FORECASTS
Major retailers Foot Locker, Hugo Boss, Nordstrom, and Victoria’s Secret all saw their share prices sag after they disappointed analysts’ sales estimates.
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EGYPT HIKES RATES, TANKING CURRENCY AND TEEING UP IMF DEAL
On 6 March, Egypt’s central bank jacked its key interest rate by six percentage points, the largest hike on record, bringing the rate to 27.25 percent in hopes of ending what Bloomberg has called “the worst economic crisis in decades.”
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JAPAN’S CONSUMER SPENDING DOWN FOR 11TH CONSECUTIVE MONTH
Japanese household spending sank by 6.3 percent in January, year on year, the largest monthly slide since February 2021.
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U.K. ENTERS TECHNICAL RECESSION
The U.K.’s economy contracted 0.3 percent in last year’s final quarter, which followed a 0.1-percent decrease in the second quarter, putting the nation into a technical recession, defined as two consecutive quarters of economic shrinkage.
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GERMAN FACTORY ORDERS SLID INTO JANUARY
Following an upward turn in December, orders for Germany’s factory goods dropped 11.3 percent in the first month of this year, data from the country’s Federal Statistics Office (FSO) showed.
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ECB HOLDS INTEREST RATES FIRM
At its meeting last week, the governing council of the European Central Bank (ECB) left the bank’s key interest rate at a record high of 4.50 percent and indicated the rate will not fall before June.
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CANADA’S BUSINESS BANKRUPTCIES SET 19-YEAR RECORD
In January, 759 Canadian businesses notified the government’s Office of the Superintendent of Bankruptcies that they have gone bust, 42 percent more than in December and a 129-percent surge year over year.
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OIL PRICES DOWN AS ECONOMIES GO DOWN
Oil futures fell last week in parallel with China’s declining imports and a generously supplied market.