The US announced additional tariffs on electric cars and other goods from China
On May 14, the US announced additional tariffs on electric vehicles, lithium batteries, photovoltaic cells, key minerals, semiconductors, steel and aluminum, port cranes, personal protective equipment and other products. Tariffs on electric vehicles will be raised from 25% to 100%. The new tariffs on Chinese goods cover a wide range of areas and will take effect from 2024 to 2026.
The Reserve Bank of Australia left its policy rate unchanged at 4.35%
The Reserve Bank of Australia left interest rates unchanged for the fourth time in a row, noting that it is facing challenges in curbing inflation, but it played down expectations that it will need to tighten monetary policy again. The central bank ended a two-day policy meeting by holding interest rates at a 12-year high of 4.35%.
On May 15, the offshore RMB h strengthened against the dollar and depreciated against the euro and yen
Offshore RMB exchange rate against the US dollar appreciated sharply, as of press time, the offshore RMB exchange rate against the US dollar was 7.2172, compared with the previous trading day’s close of 7.2378, an appreciation of 206 basis points.
The offshore RMB exchange rate against the euro slightly depreciated, as of press time, the offshore RMB exchange rate against the euro was 7.8350, compared with the previous trading day’s close of 7.8275, depreciating 75 basis points.
Offshore RMB against 100 yen sharply depreciated, as of press, offshore RMB against 100 yen exchange rate of 4.6400, compared with the previous trading day’s close of 4.6200, down 200 basis points.
On May 15, the onshore RMB strengthened against the dollar and weakened against the euro and yen
The onshore RMB strengthened slightly against the US dollar, trading at 7.2185 as of press time, up 145 basis points from the previous close of 7.2330.
The onshore RMB weakened slightly against the euro, as of press time, the onshore RMB to the euro exchange rate of 7.8341, compared with the previous trading close of 7.8230, 111 basis points weaker.
The onshore RMB weakened sharply against the 100 yen exchange rate. As of press time, the onshore RMB was trading at 4.6400 yen, down 200 basis points from the previous trading day’s trading price of 4.6200 yen.
On May 15, the central parity rate of the RMB strengthened against the US dollar and the yen, and depreciated against the euro
The RMB strengthened slightly against the US dollar yesterday, with the central parity rate of the RMB to the US dollar at 7.1049, up 4 basis points from 7.1053 in the previous trading day.
The RMB depreciated sharply against the euro yesterday, with the central parity rate of the RMB to the euro at 7.7129, 178 basis points lower than the previous trading day’s 7.6951.
The RMB rose slightly against the 100 yen exchange rate, the central price of the RMB against the 100 yen exchange rate was 4.5676, compared with the previous trading day 4.5752, an appreciation of 76 basis points.
UK GDP grew 0.6% in the first quarter compared with the previous quarter
According to preliminary data released by the Office for National Statistics, Britain’s GDP grew by 0.6% in the first three months of the year from the previous three months, beating economists’ expectations of 0.4% growth. Year-on-year growth of 0.2 per cent was also better than economists’ forecasts for a 0.2 per cent decline. This is the best quarter-on-quarter GDP growth since the UK relaxed the lockdown at the end of 2021.
Japan’s current account surplus reached a record high in fiscal 2023
Recently, the Japanese Ministry of Finance released a preliminary statistical report on the balance of payments, showing that the 2023 fiscal year (April 2023 to March 2024) Japan’s trade balance has improved significantly, and the current account surplus has reached a record high. According to the report, Japan’s current account surplus in fiscal 2023 was 25.34 trillion yen, an increase of 16.26 trillion yen from the previous fiscal year. The current account surplus was 3.3988 trillion yen in March.
Ethiopia launches its first special economic zone
Recently, the launch ceremony of Ethiopia’s Gada Special Economic Zone was held in Oromia State. Ethiopian Prime Minister Abiy Ahmed inaugurated the special economic Zone. The Gada Special Economic Zone, Ethiopia’s first special economic zone with a planned area of 10.67 square kilometers, aims to establish an industrial park with competitive national economic advantages and become a model economic center in Africa.
The combined sales of Vietnam’s top five e-commerce companies increased by nearly 80% year-on-year
According to Metric’s latest Vietnam E-commerce market report, in the first quarter of 2024, the total sales of Vietnam’s five major e-commerce platforms (Shopee, Lazada, Tiki, Sendo, TikTokShop) reached 71.2 trillion Vietnamese Dong (about $2.798 billion), an increase of 78.69% year-on-year. Among them, Hanoi ranked first in sales, with a total of 20 trillion VND (about 786 million US dollars), up 77% year-on-year.
Total Etsy merchandise sales fell 3.7% from a year earlier
Etsy announced its financial results for the first quarter ended March 31, 2024. Etsy’s first-quarter revenue was $645.954 million, missing the consensus estimate of $646.33 million. Earnings per share of 48 cents missed estimates of 49 cents per share. Consolidated GMS (Gross merchandise sales) totaled $3.0 billion, down 3.7% year-over-year.
Canadian workers are on strike, and logistics are tight
Locomotive engineers, yard workers and rail traffic controllers of the Canadian Railway Union (TCRC) have voted overwhelmingly in favour of a strike. More than 9,000 Canadian rail workers will stage a general strike as early as May 22, which will have a major impact on the country’s two major railways, Canadian National Railway (CN) and Canadian Pacific Kansas City Railway (CPKC).
Wanhai’s first-quarter revenue rose 8.1 per cent from a year earlier
Recently, Wanhai Shipping achieved operating revenue of 27.62 billion New Taiwan dollars (about 850 million US dollars), an increase of 8.1%. Gross profit was -NT $3.44 billion; Operating profit of -NT $2.23 billion; Pre-tax profit of -NT $6.14 billion; First-quarter loss -NT $4.63 billion; Net profit attributable to parent company was -NT $4.62 billion; Earnings per share -NT $1.65..
General Motors’ first-quarter net profit rose 24.4% from a year earlier
Recently, General Motors announced that quarterly revenue was $43.014 billion, up 7.6% from $39.985 billion in the same period last year. Of that, automotive revenue was $39.2 billion, compared with $36.6 billion a year earlier. Quarterly net income attributable to shareholders was $2.98 billion, up 24.4% from $2.395 billion a year ago.
SONY Group’s net profit fell 3% year on year in fiscal 23
On May 14, SONY Group released its consolidated financial results for the fiscal year 2023. For the fiscal year ended March 31, 2024, SONY Group sales were 13.0208 trillion yen, an increase of 19%. Operating profit of 120.88 million yen, down 7%; Net profit attributable to SONY Group shareholders was Y970.6bn, down 3% from a year earlier.
