The first part of the week was more than optimistic for Bitcoin. However, now it is going through the correction phase.
Hong Kong's economy is caught moderating, although expansionary budget will lend support
Firm consumption along with frothy stock and also real estate markets probably spurred Hong Kong's economic surge in the fourth quarter, although higher American interest rates in addition to diving China capital inflows might pose broader risks to surge in 2018.
With the economy demonstrating signs of moderation, the authorities are going to announce short-term relief measures as well as capital spending initiatives for the purpose of sustaining surge in an expansionary budget on Wednesday, as local media informed.
As one of the most transparent and free economies around the globe, Hong Kong's surge turns to be extremely reliant on trade, capital, tourist, not to mention China’s investment. A leap in domestic spending, a jump in visitors from the mainland as well as improved retail spending assisted to increase GDP in 2017 after a tough 2016.
Market experts are assured that Hong Kong’s private consumption will probably remain firm in the face of steady surge. What’s more - the retail sector, which is one of four cornerstones of the city’s economy, will most probably keep being backed by the revival in tourist arrivals along with firm domestic demand.
Six financial experts polled by Reuters actually expected fourth quarter surge of 3.2% from 2017, sliding from 3.6% in the July-September quarter. However, the experts didn’t offer quarterly estimates. As for the third quarter, it expanded a seasonally updated 0.5%.
In the final quarter the still-solid momentum is going to bring full-year surge to a projected 3.7%, which is the fastest tempo since 2011, also tacking on from 1.9% surge in 2016.
The ex-British colony has faced brighter economic data for the last few months because buoyant markets spurred consumer spending, assisting the authorities in raising its full-year surge outlook to 3.7% in 2017.
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The Reserve Bank of New Zealand will hold a meeting at 00:00 MT time on August 9.