I've heard that Hong Kong has suffered great pain of late. My empathy for those of you in the thick of it. I suspect this is part of the adjustment to Shanghai as a key center of commerce.
-- Singapore's economy grew at an annual pace of 13.6 percent in the second quarter from the first, more than initially estimated, the government said.
quote.bloomberg.com
[Edit] from
macro-strategies.com dated 7/21
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Bankruptcies topped 10,000 in the six-month end-June YTD period, reported at 10,173.
This marks a RECORD HIGH in Hong Kong bankruptcies … a FULL YEAR record, in just half-a-year, surpassing the previous record of 9,151 bankruptcies, set during the 12-months during the full-year 2001. .
Further, the 6-month YTD total of 10,173, is virtually TRIPLE the six-month 2001 end-June total, pegged at 3,395.
Unemployment rate spiked to a RECORD HIGH of 7.7% in the 3-month period end-June
Credit Card write-off rate jumped to 9.04% as of the end-1Q-02, up from the 8.27% rate seen at the end-4Q-01.
And with that … the Hong Kong consumer cocoon hardens anew, suggesting that the steep 5.9% yr-yr contraction posted in May, (the 10th decline in retail sales in the last 11 months) will only worsen, |
