The United Nations has raised its forecast for world economic growth to 2.7%
Recently, the United Nations Department of Economic and Social Affairs released the mid-year update of the World Economic Situation and Prospects for 2024, which is cautiously optimistic about the prospects of world economic growth, raising the forecast of world economic growth in 2024 from 2.4% at the beginning of the year to 2.7%. The report also expects world trade in goods and services to grow by 3.2% in 2024, up from the 2.4% forecast at the beginning of the year.
In the first four months of the year, the number of new foreign companies established in China increased by 19.2% year-on-year
According to the latest data released by China’s Ministry of Commerce, 16,805 foreign-invested enterprises were newly established nationwide in the first four months of this year, an increase of 19.2%. The actual use of foreign capital amounted to 360.2 billion RMB, down 27.9% year-on-year. In terms of sources, in the first four months of this year, Spain’s investment in China increased by 263%, Germany’s investment in China increased by 34.7% and the Netherlands’ investment in China increased by 9.5%..
On May 29, the offshore RMB depreciated against the dollar and euro, but was unchanged against the yen
The offshore RMB against the US dollar slightly depreciated, as of press time, the offshore RMB against the US dollar exchange rate of 7.2714, compared with the previous trading day’s close of 7.2618, weaker by 96 basis points.
The offshore RMB exchange rate against the euro slightly depreciated, as of press, the offshore RMB exchange rate against the euro was 7.8855, compared with the previous trading day’s close of 7.8823, depreciated 32 basis points.
Offshore RMB to 100 yen unchanged, as of press, offshore RMB to 100 yen exchange rate of 4.6200, compared with the previous trading day close of 4.6200, no change.
On May 29, the onshore RMB weakened against the dollar yesterday, rose against the euro and was unchanged against the yen
The onshore RMB weakened slightly against the US dollar, trading at 7.2494 as of press time, 53 basis points weaker than the previous close of 7.2441.
The onshore RMB strengthened slightly against the euro, as of press time, the onshore RMB against the euro exchange rate of 7.8645, compared with the previous trading day’s close of 7.8658, up 13 basis points.
The onshore RMB exchange rate to 100 yen was unchanged, as of press time, the onshore RMB exchange rate to 100 yen was 4.6100, compared with the previous trading day’s trading price of 4.6100, no change.
On May 29, the central parity rate of the RMB depreciated against the US dollar and the euro, and appreciated against the yen
The RMB depreciated against the US dollar yesterday, with the central parity rate of the RMB to the US dollar at 7.1106, 5 basis points weaker than the previous trading day’s 7.1101.
The RMB exchange rate against the euro slightly depreciated, the central rate of the RMB exchange rate against the euro was 7.7508, compared with the previous trading day 7.7504, depreciating 4 basis points.
The RMB rose slightly against the 100 yen exchange rate, the central price of the RMB against the 100 yen exchange rate was 4.5519, compared with the previous trading day 4.5584, an appreciation of 65 basis points.
Australian retail sales edged up 0.1% from the previous month
On May 28, the Australian Bureau of Statistics released a report that, seasonally adjusted, the country’s retail sales in April 2024 increased by about 1.3% from the same period last year, and increased by about 0.1% from the previous month to 35.714 billion Australian dollars (about 172.584 billion RMB). Some analysts believe that Australia’s low consumer confidence situation is difficult to solve.
Argentina posted its first quarterly fiscal surplus since 2008
Recently, Argentine President Mile announced in a televised speech that Argentina had achieved a quarterly fiscal surplus for the first time since 2008, reaching 275 billion pesos (about 320 million US dollars), mainly by cutting a lot of national public spending, which is the so-called “chainsaw reform” he proposed during the election campaign, cutting the number of civil servants, “halving” the peso exchange rate. Reduced subsidies for fuel and transport, among other things, reduced transfers to the provinces by 76% and reduced public works by 87%.
Corporate bankruptcies in Austria hit their highest level since 2019
In the first quarter of this year, the number of corporate insolvencies in Austria increased by about 30% year-on-year and by about a fifth from the previous quarter to 1,718, the highest since 2019, mainly in the services, construction and retail sectors, according to the Austrian statistical office. In terms of industry segments, bankruptcies were mainly distributed in financial and other services (397), construction (330), retail (298), and accommodation and catering (242).
E-commerce transactions in Turkey increased by 115.15% year-on-year
According to data from the Electronic Trade Information System (ETBIS), e-commerce transactions in Turkey surged by 115.15% to 1.85 trillion Turkish lira in 2023, with home appliances, electronic products and clothing and footwear accounting for the main market. There are many e-commerce enterprises in Istanbul, Ankara and other places, and consumers aged 25-36 have strong purchasing power. Turkey’s Trade ministry predicts that e-commerce transactions will hit a new high in 2024.
Sales of used clothing on eBay are up 400% year on year
Recently, the international e-commerce retail platform eBay released its annual report saying that the demand for second-hand fashion goods is strong and rising, and the sales of second-hand clothing increased by 400% in March 2024 compared with last year. Used and refurbished goods account for 40% of its global gross merchandise volume (GMV), with the UK market leading the way. Nearly half (45%) of those surveyed for the report choose to buy used goods to save money.
Singapore’s port is clogged with 450,000 containers
According to Linerlytica’s latest report, container congestion at the Port of Singapore has reached unprecedented critical levels. At present, a large number of ships are queuing outside the port to berth, and the backlog of containers exceeds a staggering 450,000 TEUs. The analyst firm estimates that the waiting time for these vessels can be as long as seven days.
The first Belt and Road international cargo route has been opened in Guizhou
An all-cargo plane carrying 6 tons of clothing, electronics and other goods took off from Guiyang Longdongbao International Airport on Monday and will arrive in Karachi, Pakistan’s largest city, nearly 6 hours later. Later, the plane will be filled with blue crabs from Pakistan and return to Guiyang. This is the first air route from Guizhou to Pakistan, and also the first “Belt and Road” international cargo route for Guizhou.
The Latin American smartphone market grew 26% in the first quarter from a year earlier
According to the latest report released by Canalys, the Latin American smartphone market continued to boom in the first quarter of 2024, with shipments reaching 34.9 million units, an increase of 26% year-on-year, and the market has achieved double-digit growth for the third consecutive quarter. Specifically, Samsung’s cost-effective A Series devices helped Samsung maintain its leading position, shipping 11.1 million units, an increase of 6%. MOTOROLA remained in second place.
First-quarter revenues at UBS rose 46% from a year earlier
Recently, UBS released the first quarter of 2024 results. Ubs first quarter net profit of $1.76 billion, estimated at $598.3 million; Total revenue of $12.74 billion, up 46% year-over-year; Net interest income of $1.94 billion, up 40% year-over-year; Net fee and commission income of $6.49 billion, an increase of 41%; Pre-tax profit was $2.38 billion, compared with an estimated $1.16 billion.
Mahjong is hot in America
Recently, more and more young Americans have become interested in Chinese mahjong, according to NBC News, Brooklyn’s “Blue Card Club” has become one of the hottest social places in New York. Since October, some younger New Yorkers have shunned Western traditions like alcoholic parties and turned to other forms of entertainment, especially Mahjong, an ancient Chinese board game.
