export

China's exports and imports continued to contract in December. This signals weak external demand which could hamper the economic recovery. The government could spend more on infrastructure to fill the gap and ensure the economy recovers after reopening Chinese container ship Contraction in both exports and imports Exports contracted 9.9% year-on-year while imports fell 7.5% YoY in December. Both have now contracted for three months in a row. This is in contrast to the bright external market before the fourth quarter of last year. Overall, exports and imports grew 7% and 1.1% in 2022, respectively. Integrated circuits, which are the parts necessary for every electronic good and a very important export item for China, saw exports drop in December. We believe this will continue through the first half of this year as the US and Europe enter a mild recession.  This also implies that China's exports should face headwinds in the fir

Reduction In Demand For Power In UK, Bank of Japan Plans To Maintain Current Policy

Taiwan’s industrial production fell from previous month; further contraction is ahead | ING Economics

ING Economics ING Economics 23.05.2022 15:47
Taiwan's industrial production growth seems to be slowing down, with data revealing a monthly contraction. Export orders have also recorded a contraction on a yearly basis. China's lockdowns, Covid in Taiwan, and electricity stoppages could be reasons behind this, and these reasons are here to stay  Industrial production recorded month-on-month contraction April data seems to point to worsening growth in Taiwan. While industrial production recorded 7.5% year-on-year growth in April, it contracted 5.06% from the previous month. This pattern usually points to a change in trend. Production of semiconductors, which had been the growth engine of Taiwan's industrial production as well as GDP, recorded a mere 0.5% MoM growth rate, while other manufacturing industries showed contraction, e.g. computer and electronic goods (-21.14% MoM), LED panels (-16.63% MoM).  Mainland China lockdown, Covid in Taiwan, electricity stoppages are factors behind this The main reason behind this is that inventory levels of electronic items, particularly LED panels, are higher than usual. In Mainland China, which is a big consumer market in addition to being a manufacturing hub, demand for consumer electronics shrank during the Shanghai lockdown. The same explanation can be applied to the contraction in export orders (-5.5% YoY) released on Friday. With export orders shrinking, industrial production in the coming months could continue to contract, perhaps even showing a contraction from last year.  Covid in Taiwan is also part of the reason, as this has reduced the number of employees at work. Though the unemployment rate fell to 3.62% in April from 3.66% in March, most industries, including semiconductor manufacturing, recorded a small drop in employment in April. Electricity is also an issue. Though the government states that there is enough electricity this year, electricity generators have failed occasionally, leading to the suspension of work at some factories.  Cautiously optimistic for the rest of 2022 and monetary policy may be less aggressive The factors discussed above, which point to a changing trend in semiconductor production in Taiwan from strong to slow, are here to stay. Demand for semiconductors used in consumer electronics will be affected by the muted consumer market in Mainland China. Supply shocks from fewer workers due to Covid and electricity failures (especially over the summer) could also remain for the rest of 2022.  We are cautiously optimistic about the semiconductor industry as there is still strong demand for digital infrastructure to mitigate some of the negative factors cited above.  Central bank rate hikes were expected to follow the path of the Federal Reserve but this is less likely given this latest set of data. Though we still need more data points to confirm that the strong trend has changed in semiconductor production and therefore GDP, the central bank may be less aggressive than previously thought, and the rate hike path could therefore be flatter, with hikes of 12.5bp rather than 25bp until the negative factors fade. Read this article on THINK TagsTaiwan Semiconductors Lockdown Covid-19 Disclaimer This publication has been prepared by ING solely for information purposes irrespective of a particular user's means, financial situation or investment objectives. The information does not constitute investment recommendation, and nor is it investment, legal or tax advice or an offer or solicitation to purchase or sell any financial instrument. Read more
The Swing Overview - Week 22 2022

The Swing Overview - Week 22 2022

Purple Trading Purple Trading 07.06.2022 13:59
The Swing Overview - Week 22 Equity indices continued to rise for a second week despite rising inflation and sanctions against Russia. Economic data indicate optimistic consumer expectations and the easing of the Covid-19 measures in China also brought some relief to the markets. The Bank of Canada raised its policy rate to 1.5%. The Eurozone inflation hit a new record of 8.1%, giving further fuel to the ECB to raise interest rates, which is supporting the euro to strengthen.   Macroeconomic data The US consumer confidence in economic growth for May came in at 106.4. The market was expecting 103.9. This optimism points to an expected increase in consumer spendings, which is a positive development. The optimism was also confirmed by data from the manufacturing sector. The ISM PMI index in manufacturing rose by 56.1 in May, an improvement on the April reading of 55.4. The manufacturing sector is therefore expecting further expansion.   On the other hand, data from the labour market were disappointing. The ADP Non Farm Employment indicator (private sector job growth) was well below expectations as the economy created only 128k new jobs in May (the market was expecting 300k new jobs). The unemployment claims data held at the standard 200k level. However, the crucial indicator from the labour market will be Friday's NFP data.   Quarterly wage growth for 1Q 2022 was 12.6% (previous quarter was 3.9%). This figure is a leading indicator on inflation. Faster inflation growth could lead to a higher-than-expected 0.50% rate hike at the Fed's June meeting.   The US 10-year Treasury yields have rebounded from 2.6% and have started to rise again. They are currently around 2.9%. However, the US Dollar Index has not yet reacted to the rise in yields. The reason is that the euro, which has appreciated significantly in recent days, has the largest weight in the USD index. Figure 1: US 10-year bond yields and USD index on the daily chart   The SP 500 Index The SP 500 index has continued to strengthen in recent days. The market seems to be accepting the expected 0.50% rate hike and while economic data points to some slowdown, forward looking consumers‘ and managers’ expectations are optimistic.  Figure 2: The SP 500 on H4 and D1 chart   The US SP 500 index is approaching a significant resistance level, which is in the 4,197-4,204 range. The next one is at 4,293 - 4,306. The nearest support is at 4 075 - 4 086.    German DAX index Figure 3: German DAX index on H4 and daily chart Germany's manufacturing PMI for May came in at 54.8. The previous month it was 54, 6. Thus, managers expect expansion in the manufacturing sector. Surprisingly, German exports rose in April despite the disruption of trade relations with Russia. Exports in Germany grew by 4.4% even though exports to Russia fell by 10%.  The positive data has an impact on the DAX index. However, the bulls in DAX may be discouraged by the expected ECB interest rate hike.   The DAX has reached resistance in the 14,600 - 14,640 area. The nearest significant support is at 14,300 - 14,330, where the horizontal resistance is coincident with the moving average EMA 50 on the H4 chart.   The euro continues to rise Bulls on the euro were supported by inflation data, which reached a record high of 8.1% in the eurozone for the month of May. Inflation increased by 0.8% on a monthly basis compared to April. Information from the manufacturing sector exceeded expectations, with the manufacturing PMI for May coming in at 54.6, indicating optimism in the economy. The ECB will meet on Thursday 9/6/2022 and it might be surprising. While analysts do not expect a rate hike at this meeting, rising inflation may prompt the ECB to act faster.  Figure 4: The EUR/USD on H4 and daily chart The EUR/USD currency pair is reacting to the rate hike expectations by gradual strengthening. A resistance is at 1.0780 The nearest support is now at 1.0629 - 1.0640 and then at 1.0540 - 1.0550.   The Bank of Canada raised the interest rate The GDP in Canada for Q1 2022 grew by 2.89% year-on-year (3.23% in the previous period). On a month-on-month basis, the GDP grew by 0.7% (0.9% in February). This points to slowing economic growth.  Canada's manufacturing PMI for May came in at 56.8 (56.2 in April ), an upbeat development. The Bank of Canada raised its policy rate by 0.50% to 1.5% as expected by analysts. In addition to the rate hike, the Canadian dollar is positively affected by the rise in oil prices as Canada is a major exporter. Figure 5: The USD/CAD on H4 and daily chart The USD/CAD currency pair is currently in a downward movement. The nearest resistance according to the daily chart is 1.2710-1.2730. Support according to the daily chart is in the range of 1.2400-1.2470.  
The Swing Overview - Week 27 2022

The Swing Overview - Week 27 2022

Purple Trading Purple Trading 08.07.2022 10:27
The Swing Overview - Week 27 2022 The fall in US bond yields, the rise in the US dollar and the sharp weakening in the euro, which is heading towards parity with the dollar. This is how the last week, in which stock indices cautiously strengthened and made a correction in the downward trend, could be characterised. It is worth noting that Germany has a negative trade balance for the first time since May 1991. Is the country losing its reputation as an economic powerhouse of Europe? Macroeconomic data The ISM in manufacturing, which shows purchasing managers' expectations of economic developments in the short term, came in at 53.0 for June.  While a value above 50 still indicates an expected expansion in the sector, the trend since the beginning of the year has been declining, indicating worsening of optimism.   Unemployment claims reached 231,000 last week. This is still a level that is fairly normal. However, we note that this is the 6th week in a row that the number of claims has been rising. The crucial news on the labour market will then be shown in Friday's NFP data.   On Wednesday, the minutes of the last FOMC meeting were presented, which confirmed that another 50-75 point rate hike is likely in July. The minutes also stated that the Fed could tighten further its hawkish policy if inflationary pressures persist. The Fed's target is to push inflation down to around 2%.   The Fed's hawkish tone has led to a strengthening of the dollar, which has reached a level over 107, its highest level since October 2002. Following the presentation of the FOMC minutes, the US Treasury yields started to rise again. Figure 1: The US 10-year bond yields and the USD index on the daily chart   The SP 500 Index The temporary decline in US Treasury yields was the reason for the correction in the bearish trend in equity indices. However, the bear market still continues to be supported fundamentally by fears of an impending recession.  Figure 2: The SP 500 on H4 and D1 chart   The nearest resistance according to the H4 chart is in the 3,930 - 3,950 range. A support is at 3,740 - 3,750 and then 3,640 - 3,670.    German DAX index The German manufacturing PMI for June came in at 52.0 (previous month 54.8). The downward trend shows a deterioration in optimism.    It is worth noting that Germany's trade balance is negative for the first time since May 1991, i.e. imports are higher than exports. The current trade balance is - EUR 1 billion. The market was expecting a surplus of 2.7 billion. Rising prices of imported energy and a reduction in exports to Russia have contributed to the negative balance. Figure 3: German DAX index on H4 and daily chart The DAX is in a downtrend. On the H4 chart, it has reached the moving average EMA 50. The resistance is in the range of 12,900 - 12,960. Strong support on the daily chart is 12,443 - 12,500, which was tested again last week.    Euro is near parity with the USD Even high inflation, which is already at 8.6%, has not stopped the euro from falling. It seems that parity with the dollar could be reached very soon. The negative trade balance in Germany has contributed very significantly to the euro's decline.  Figure 4: EUR/USD on H4 and daily chart The nearest resistance according to the H4 chart is at 1.020 - 1.021. Support according to the daily chart would be only at parity with the dollar at 1.00. Reaching this value would represent a unique situation that has not occurred on the EUR/USD pair since 2002.   Australia raised interest rates The Reserve Bank of Australia raised the interest rate by 0.50% as expected. The current interest rate now stands at 1.35%. According to the central bank, the Australian economy has been solid so far thanks to commodity exports, the prices of which have been rising. Unemployment is 3.9%, the lowest level in 50 years.   One uncertainty is the behaviour of consumers, who are cutting back on spending in times of high inflation. A significant risk is global development, which is influenced by the war in Ukraine and its impact on energy and agricultural commodity prices.   Figure 5: The AUD/USD on H4 and daily chart The AUD/USD is in a downtrend and even the rate hike did not help the Australian dollar to strengthen. However, there has been some correction in the downtrend. The resistance according to the H4 chart is 0.6880 - 0.6900. The support is at 0.6760 - 0.6770.  
Aramco Is Confident It Can Maintain Its Market Share In Asia

Pressure On The Philippine Peso To Weaken In The Coming Months

ING Economics ING Economics 11.09.2022 10:01
Exports unexpectedly contract as mainstay electronics shipments slide Source: Shutterstock $5.9bn July trade deficit New all-time low  As expected Trade deficit hits new low Philippine July trade data show the trade deficit widening further to $5.9bn, hitting a new record low. Imports sustained the recent trend of double-digit gains (21.5%YoY) while exports unexpectedly fell by 4.2%.  Electronic exports, which account for the bulk of total outbound shipments, fell for a second straight month to post a contraction of 7.9%.  Softer demand for electronics will likely persist, which does not bode well for the Philippine export sector.  Imports posted another month of strong gains but the increase can be tied to pricey energy and food imports. Fuel imports jumped 86.5% due to higher prices while cereal imports rose 64.7% due to domestic supply shortages.  The extremely wide trade deficit suggests that the current account will also stay in the red, which should add to pressure on the PHP to weaken in the coming months. Trade deficit hits a record low as exports unexpectedly contract   Source: Philippine Statistics Authority Weak currency magnifies headwinds The PHP has been on a downtrend in recent months and is currently the worst performing currency among ASEAN peers.  A weaker currency tends to magnify headwinds faced by the Philippines as it fans imported inflation, reflecting the Philippines’ reliance on imported food and energy items.  Supply chain shocks, resurgent demand and a weaker currency have all contributed to inflation charging past target (currently at 6.3%YoY), hampering the economic recovery.  Bangko Sentral ng Pilipinas (BSP) Governor Medalla recently expressed his concern about the impact of a weaker currency on the inflation path.  Given expectations that the current account deficit will persist, we now expect BSP to front-load tightening, with a 50bp rate hike at the meeting on 22 September.       TagsPHP Philippines trade deficit Central Bank of the Philippines   Disclaimer This publication has been prepared by ING solely for information purposes irrespective of a particular user's means, financial situation or investment objectives. The information does not constitute investment recommendation, and nor is it investment, legal or tax advice or an offer or solicitation to purchase or sell any financial instrument. Read more
Asia Market: Optimistic Headlines From Regional Leaders China And Japan

South Korea And Decision To Use The Country’s Foreign Exchange Equalization Fund

Saxo Bank Saxo Bank 26.09.2022 09:18
Summary:  The bullwhip crunch in global manufacturing is hurting all the world’s largest exporters. In our view, the most vulnerable countries are South Korea, Germany and the United States. But there is more: the situation could further deteriorates if the current overvalued dollar environment causes a global currency crisis. Last week’s Bank of Japan and Japan Ministry of Finance intervention in the FX market is perhaps only the beginning of more interventionism to come. Click to download this week's full edition of MacroChartmania composed of more than 100 charts to track the latest macroeconomic and market developments. All the data are collected from Macrobond and updated each week. South Korea’s exports fell 8.7 % in the first twenty days of September from the same period a year earlier. This matters because South Korea is considered as a bellwether for global trade and growth by economists. The drop is partially explained by holiday effects (the Chuseok holidays from 9 to 12 September) and by slowing growth in main trading partners. Exports to Japan over the same period decreased by 8.2 % and exports to China dropped by a stunning 14 %. This is an indicator of how strong the current slowdown of the Chinese economy is – see the below chart. Exports to Vietnam are falling by 12.9 %. The South-East Asian country is a major trade partner for South Korea. Over the years, many South Korean high-tech companies have sent components to be assembled there (Samsung, for instance). This has accelerated in recent years on the back of the US-China trade war. A bullwhip crunch in global manufacturing The counter-performance of South Korea trade is just one of many bad trade indicators that have been released in the recent weeks. For example : container spot rates are set for a hard landing. The bellwether Shanghai Containerized Freight Index is down 58 % since January and spot rates have fallen by around 10 % for the fourth week running. This is the most watched rate indicator on sea freight from China. This is not only caused by the effect of China’s zero covid policy on trade. This reflects first and foremost a slowdown in global demand. The Drewry World Container Index draws a similar picture. This is a composite sea freight rate on eight major routes to/from the United States, Europe and Asia. It has been going down for the 30th week in a row. It is now standing 57 % lower than the same period last year. Global recession or no recession, it seems obvious that the bullwhip crunch in global manufacturing is going to hurt all the world’s biggest exporters, in the same way they enjoyed a massive boom in 2020-21. During the Covid period, consumers have reacted by stocking up on essential goods, thus leading to shortages. Supply chains have had to ramp up production to cope with the unprecedented increase in demand. Now, demand is decreasing due to higher cost of living and fears of recession. The world’s largest exporters are in a tough position. In our view, the most vulnerable countries are South Korea, Germany (where the manufacturing sector is hit by a massive 139 % year-over-year increase in the energy bill) and the United States too. The beginning of a global currency crisis ? The risk of a global currency crisis is another headache for exporters. A weak currency is usually beneficial for exports. But a too weak currency often increases the cost of intermediary goods and energy for countries which are dependent on it from external supply. Last week, Japan intervened in the forex market to stem the depreciation of the Japanese yen with the blessing of the U.S. Treasury. However, this is unlikely to succeed unless there is a coordinated intervention by the United States, Europe, Japan and the United Kingdom, as we saw in the September 1985 Plaza Accord. Other countries are favoring less costly options – forex interventions are depleting foreign reserves and are rarely successful in the long run. For instance, they are providing FX hedging protection to most-exposed companies. This is the pace chosen by South Korea. On 23 September, the government decided to use the country’s foreign exchange equalization fund to meet shipbuilding companies’ forex hedging demands for their overseas orders. As currency volatility is increasing in an overvalued dollar environment, expect more and more countries and central banks to try to rein in the depreciation of their local currency. But we doubt this will be enough to revive global manufacturing.   Source: https://www.home.saxo/content/articles/macro/chart-of-the-week--s-korea-trade-data-are-on-a-free-fall-26092022
2023 Will Still Look Bleak for Containerised Trade, Supply Chains Will Also Remain Fragile

Exports And Imports And Their Meaning For Economy And Trading

Kamila Szypuła Kamila Szypuła 29.10.2022 11:30
We can often come across terms about a country's trade surplus in, for example, foreign trade. We understand that a given product is exported and another is imported, but what exactly is export and import and what importance they have for the economy. Balance of trade (BOT) Balance of trade (BOT) is the difference between the value of a country's imports and exports for a given period and is the largest component of a country's balance of payments. A country that imports more goods and services than it exports in terms of value has a trade deficit while a country that exports more goods and services than it imports has a trade surplus. The formula for calculating the BOT can be simplified as the total value of exports minus the total value of its imports. Balance of trade (BOT)=Exports−Imports Economists use the BOT to measure the relative strength of a country's economy. A positive balance of trade indicates that a country's producers have an active foreign market. A negative balance of trade means that currency flows outwards to pay for exports, indicating that the country may be overly reliant on foreign goods. A country with a large trade deficit borrows money to pay for its goods and services, while a country with a large trade surplus lends money to deficit countries. In some cases, the trade balance may correlate with a country's political and economic stability. A trade surplus or deficit is not always a real indicator of the health of an economy and must be viewed in the context of the business cycle and other economic indicators. Export Exports are incredibly important to modern economies because they offer people and firms many more markets for their goods. Exports are one of the oldest forms of economic transfer and occur on a large scale between nations. Exporting can increase sales and profits if they reach new markets, and they may even present an opportunity to capture significant global market share. Exports lead to increased investment, technological advances, and the expansion of imports, all of which contribute to economic growth. For companies, it is of particular importance because it allows you to gain access to new markets through export, you can increase sales and profits, and even gain a large share of the global market. But there is also another side to this. Companies that export a lot tend to be more likely to fail financially. Import Import is a product or service that is manufactured abroad and purchased in your home country. Free trade agreements and tariffs often determine which goods and materials are cheaper to import. Countries most likely import goods or services that their domestic industries cannot produce as efficiently and cheaply as the exporting country. Countries can also import raw materials or goods that are not available within their borders. For example, many countries import oil because they cannot produce it domestically. Some critics argue that continued dependence on imports means a reduction in demand for domestically manufactured products and thus may inhibit entrepreneurship and the development of business ventures. Proponents argue that imports improve quality of life by giving consumers more choice and cheaper goods. The Commitment of Traders (COT) The Commitment of Traders (COT) report is a weekly publication that shows the aggregate holdings of different participants in the U.S. futures market. These are compiled and published by the CFTC in the U.S. COT reports detail how many long, short, and spread positions make up the open interest. Traders can use the report to help them determine whether they should take short or long positions in their trades.
The China’s Covid Containment Continued To Negatively Impact The Output At The End Of 2022

Weak External Demand Could Drive China's Exports Even Lower

ING Economics ING Economics 07.12.2022 11:27
Both exports and imports continued to contract on a yearly basis, which is the result of supply disruption in China as well as weak demand from the US and Europe. Looking forward, weak external demand could drive China's exports even lower Chinese container ship Trade slump China's exports and imports contracted by 8.7% and 10.6% year-on-year in November, respectively, after contracting by 0.3% and 0.7% in October.  Not everything is so bad. China's exports to ASEAN, which is now the number one export destination for China, still grew 2.9% YoY in November. China's exports to Europe, another big destination after ASEAN and the US, grew 1.5% YoY. China's exports to the US fell 13.2% YoY in the month. Bear in mind that the role of ASEAN for China is more of a joint supply chain than a final goods export destination. This implies that production activity for exports grew slightly in November. But final exports to the US and Europe were weak, especially exports to the US. This could mean that inventory will start to pile up as final goods sales were weak. Early indicator hints that slump in exports may continue Smartphone exports contracted 9.6% YoY in November. This could be a combined effect of supply disruption in China as well as weak demand in the US and Europe. But if we look further, it could be more an issue of weak demand.  Imports from Taiwan contracted by 10.4% YoY in November. Parts and raw material imports into China for the production of electronic parts and electronic goods contracted. As we use semiconductors as an early indicator of growth, we believe that exports in the coming months should continue to contract. Read this article on THINK TagsSemiconductors Imports Exports China Disclaimer This publication has been prepared by ING solely for information purposes irrespective of a particular user's means, financial situation or investment objectives. The information does not constitute investment recommendation, and nor is it investment, legal or tax advice or an offer or solicitation to purchase or sell any financial instrument. Read more
German Export Weakness In The Fourth Quarter Suggests That Recession Fears Are Real

German Export Weakness In The Fourth Quarter Suggests That Recession Fears Are Real

ING Economics ING Economics 05.01.2023 08:45
Exports continue to weaken, suggesting that recession fears are real German exports continue to weaken   German export weakness continues. German exports (seasonally and calendar-adjusted) decreased by 0.3% month-on-month in November, from -0.6% MoM in October. On the year, exports were up by more than 13% but this is in nominal terms and not corrected for high inflation. Imports also decreased, by 3.3% month-on-month, from -2.4% MoM in October. As a result, the trade balance widened to €10.8bn. The ongoing weakness in exports in the fourth quarter suggests that recession fears are real. Near-term outlook anything but rosy Trade is no longer a growth driver but has instead become a drag on German economic growth. Since the second quarter of 2021, the growth contribution of net exports has actually been negative. In the past, the current weakness of the euro would at least have brought some smiles to German exporters’ faces. Like almost no other, German exports have often seen an asymmetric reaction to exchange rate developments. The negative impact of a stronger currency is cushioned by inelastic demand and high product quality, while the full price impact of a weaker currency normally adds to export strength. But not this time. Export order books have continued to weaken significantly in recent months as the global economic slowdown, high inflation and high uncertainty leave a clear mark. The near-term outlook is anything but rosy. It could take at least until next spring before relief in global supply chains and a rebounding global economy revive German exports. Read this article on THINK TagsGermany GDP Export Eurozone Disclaimer This publication has been prepared by ING solely for information purposes irrespective of a particular user's means, financial situation or investment objectives. The information does not constitute investment recommendation, and nor is it investment, legal or tax advice or an offer or solicitation to purchase or sell any financial instrument. Read more
China Posts Encouraging Data, The DAX Extended Its Advance To The Fresh Highs

China's Exports Should Face Headwinds In The First Half

ING Economics ING Economics 13.01.2023 11:52
China's exports and imports continued to contract in December. This signals weak external demand which could hamper the economic recovery. The government could spend more on infrastructure to fill the gap and ensure the economy recovers after reopening Chinese container ship Contraction in both exports and imports Exports contracted 9.9% year-on-year while imports fell 7.5% YoY in December. Both have now contracted for three months in a row. This is in contrast to the bright external market before the fourth quarter of last year. Overall, exports and imports grew 7% and 1.1% in 2022, respectively. Integrated circuits, which are the parts necessary for every electronic good and a very important export item for China, saw exports drop in December. We believe this will continue through the first half of this year as the US and Europe enter a mild recession.  This also implies that China's exports should face headwinds in the first half. This is not good timing for the economy as it has only just started to reopen from lockdowns. China needs fiscal support When it comes to the outlook for 2023, many observers expect that the reopening will help China to grow. We expect the same, but not immediately after reopening. We believe that consumer sentiment will be weak in the first quarter. Consumers are more likely to be spending money on healthcare services than general shopping. So there is a need for fiscal support, especially in the first three months of the year.  Infrastructure investment went quiet in 2022. Local governments, which have negotiated with financially healthy real estate developers to complete the construction of unfinished homes, may spend more time on infrastructure. This includes both hardware and software infrastructure, e.g. technology and telecommunications.  Until we see any significant increase in infrastructure investment, we maintain our GDP forecasts at 2.1% for 2022 and 4.3% for 2023.   Read this article on THINK TagsChina trade Disclaimer This publication has been prepared by ING solely for information purposes irrespective of a particular user's means, financial situation or investment objectives. The information does not constitute investment recommendation, and nor is it investment, legal or tax advice or an offer or solicitation to purchase or sell any financial instrument. Read more

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Intertrader Market News
GecoOne
Geco.one COO says Bitcoin reaching $250K in 2023 is considered as impossible by other analysts as BTC does not exceed $60,000
Geco One
EnriqueDíaz-Álvarez
Bank of England decision wasn't unanimous as one member voted for a 75bp hike with two other opting for inaction
Enrique Díaz-Álvarez
INGEconomics
Indonesia is the world's 6th largest bauxite producer. Country bans commodity export from June 2023
ING Economics
InstaForexAnalysis
Gold supported by, among others, changes on Japanese bond market, may end the year trading at a 4-month high
InstaForex Analysis
DanielKostecki
China reopens, Texas freezes - crude oil has to face contrasting factors
Daniel Kostecki
IntertraderMarket News
European stocks closed mixed. The DAX 40 fell 0.50%, the CAC 40 declined 0.61%, while the FTSE 100 rose 0.32%
Intertrader Market News
IpekOzkardeskaya
China's reopening seems to be a double-edged sword as energy and commodities prices will go up
Ipek Ozkardeskaya
INGEconomics
Auto production and general machinery increased significantly. South Korea Industrial Production as a whole gained 0.4%
ING Economics