Asian Markets Rally as Micron and Qualcomm AI Outlook Lifts Global Tech Stocks 
BOJ Hawk Signals Faster Interest Rate Hikes Amid Inflation Risks 
South Korea’s KOSPI Rebounds as Samsung and SK Hynix Lead Tech Stock Recovery 
South Korea’s KOSPI Jumps Over 5% as Samsung, SK Hynix Rally on Micron Earnings Boost 
US Dollar Climbs to One-Year High as Fed Rate Hike Expectations Surge 
Gold Prices Fall Amid Rate Jitters; Copper Steady as China Stimulus Eyed 
Wall Street Slides as AI Stocks Tumble Following South Korea Tech Sell-Off 
Best Gold Stocks to Buy Now: AABB, GOLD, GDX 
According to the latest report from DBS Group Research, Hong Kong’s gross domestic product (GDP) growth has been downgraded to zero percent from 2.5 percent for 2019, and to 0.5 percent from 2 percent in 2020.
While growth was benign at 0.6 percent y/y in 2Q19, it contracted 0.3 percent q/q. Another quarter of negative sequential growth in 3Q19 would tip Hong Kong into a technical recession. Second quarter growth was hurt by lingering trade tensions between China and the US, Hong Kong’s top two export destinations.
Merchandise exports growth have contracted eight straight months since November 2018; the -9 percent y/y print in June was the biggest drop since February 2016. By country, outward shipment to the US and China fell 6.6 percent and 5.3 percent respectively.
Meanwhile, exports to advanced economies were also sluggish; EU and Japan fell by 7.4 percent and 6.5 percent correspondingly. Likewise, outward cargoes to emerging market such as ASEAN were also flat from a year ago.
