Economy News 2024 Jan 31

🇰🇷 #SouthKorea #Chip Shipments Jump Most Since 1997 as Samsung Beats – Bloomberg

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#China January official #PMI
Manufacturing PMI 49.2 [Est.49.1 Prev.49.0]
Non-Manufacturing PMI 50.7 [Est.50.6 Prev.50.4]
Composite PMI 50.9 [Prev.50.3]

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If you want to understand Germany, you need to know this chart. Retail sales have fallen by 4.4% in Dec YoY. This means that even Christmas sales fell through. Germans have gone on a buyers' strike since the outbreak of inflation & have even cut back on gifts for children during the Christmas season. This also explains why Germany has some of the toughest competition in the retail sector and the lowest profit margins there.

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Hong Kong’s housing market tumbling as Country Garden slashes prices -30% in one massive step in its Kowloon development on the back of Evergrande’s liquidation. It’s a race to the bottom. HK’s family offices and banks are in trouble.

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