Confirming you are not from the U.S. or the Philippines

By giving this statement, I explicitly declare and confirm that:
  • I am not a U.S. citizen or resident
  • I am not a resident of the Philippines
  • I do not directly or indirectly own more than 10% of shares/voting rights/interest of the U.S. residents and/or do not control U.S. citizens or residents by other means
  • I am not under the direct or indirect ownership of more than 10% of shares/voting rights/interest and/or under the control of U.S. citizen or resident exercised by other means
  • I am not affiliated with U.S. citizens or residents in terms of Section 1504(a) of FATCA
  • I am aware of my liability for making a false declaration.
For the purposes of this statement, all U.S. dependent countries and territories are equalled to the main territory of the USA. I accept full responsibility for the accuracy of this declaration and commit to personally address and resolve any claims or issues that may arise from a breach of this statement.
Cancel Confirm
We are dedicated to your privacy and the security of your personal information. We only collect emails to provide special offers and important information about our products and services. By submitting your email address, you agree to receive such letters from us. If you want to unsubscribe or have any questions or concerns, write to our Customer Support.
Confirm
Octa trading broker Sign up Log in
Octa trading broker
Open trading account
Trading news
Back
17 Mar 2020

China: Economic activity is expected to contract in Q1 – UOB

UOB Group’s Economist Ho Woei Chen sees the Chinese economic activity slipping back into the contraction territory in the January-March period.

Key Quotes

“Chinese data in Jan-Feb including retail sales (-20.5% y/y vs Bloomberg est -4.0%), industrial production (-13.5% y/y vs Bloomberg est -3.0%) and fixed asset investment (-24.5% y/y vs Bloomberg est -2.0%) all recorded an unprecedented double-digit contraction. This is the first contraction for these economic data series. Meanwhile, the surveyed jobless rate jumped to 6.2% in Feb from 5.2% in Dec 2019, the highest on record.”

“Although the coronavirus (COVID-19) pandemic is expected to have a significant impact on China’s economy, the wide gap between the forecasts and actual data in the first two months of this year suggests that the GDP impact of the COVID-19 outbreak could be significantly larger than expected and a contraction in 1Q20 GDP is perhaps unavoidable. Further out, economic recovery in China may be hindered as the COVID-19 spread in Europe and the US continues unabated, dousing hopes for a sharper v-shaped rebound in growth.”

“Ahead of the 1Q20 GDP release on 17 April, we will get further data confirmation including the Purchasing Managers' Index (31 Mar), inflation (both CPI and PPI on 10 Apr) and trade (14 Apr) for March. Even with some recovery in these numbers, China’s economy is still headed for a contraction in 1Q20, the question is how deep the contraction will be. Based on Jan-Feb figures, we will further downgrade our growth forecast for China this year to 4.1% from 5.3% previously as we now expect 1Q20 GDP at -3.4% y/y, 2Q20 at 5.7% and then average 6.5% in the second half of the year. This brings 2020 to the worst year since 1990 when China registered GDP growth of just 3.9%.”

Mar 17, 2020

Fed's Mester: Rate cuts have less of an impact in current environment

Cleveland Federal Reserve President Loretta Mester, who voted against the 100 basis points rate cut at the Fed's latest emergency meeting, argued that
Read more Previous
Mar 17, 2020

Fed to reintroduce commercial paper funding facility – Reuters

The Federal Reserve could reinstate its commercial paper funding facility, which was last used during the 2007-2009 financial crisis, to provide liqui
Read more Next