Trade Risk Alert for September 10

U.S. job openings rose to 6.618 million in July. On September 9, local time, the Job Openings and Labor Turnover Survey (JOLTS) released by the U.S. Department of Labor showed that job vacancies rose to 6.618 million after seasonal adjustment in July, and the revised June data was 6.001 million. The data also showed that the number of recruits in July decreased to 5.8 million, and the total number of departures did not change much compared with the previous month, at 5 million. Among those leaving, the resignation rate rose to 2.1%, while the layoffs and layoffs fell to 1.2%. (CCTV News)

Federal Reserve report: The negative impact of the epidemic on the U.S. economy continues to ferment. Recently, the U.S. Federal Reserve released a national economic situation survey report showing that the economy in most regions of the United States continued to grow, but the growth rate was generally moderate, and economic activity was far below pre-pandemic levels. The pandemic continues to bring uncertainty and volatility, negatively impacting consumer and other business activity across the country. Some regions reported slower job growth and higher hiring volatility, especially in the services sector. The number of workers temporarily laid off due to the pandemic turning into permanent unemployment is increasing as demand continues to soften. (China News Network)

The Mexican economy has shrunk severely. The latest data from Mexico’s National Bureau of Statistics shows that in the second quarter of this year, Mexico’s GDP fell by more than 18% year-on-year and 17.3% month-on-month. This is the fifth consecutive quarter of negative year-on-year GDP growth in Mexico. The persistently weak economy led to a 10.5% year-on-year decline in Mexico's GDP in the first half of 2020. (Quick information)

Brazil's economy fell back to the level at the end of 2009 due to the impact of the epidemic. Brazil World Wide Web reported on the 1st that Brazil’s GDP fell by 9.7% in the second quarter, the largest decline since 2009, but better than Chile (-13.2%), Colombia (-14.9%), Mexico (-17.1%), Peru (- 27.2) and other Latin American countries and France (-13.8%), Spain (-18.5%), the United Kingdom (-20.4%) and other euro zone countries. (Ministry of Commerce website)

Greece's economy shrank by 15.2% in the second quarter, and the economic situation may be entering a cold winter. According to local media reports quoted by the Greek "China-Greece Times", the Greek Statistics Authority (ELSTAT) announced on September 3 that the country's economy shrank by 15.2% in the second quarter of 2020, lower than the previously expected 15.7%, mainly due to the suppression of the new crown virus. The restrictions imposed have slowed economic growth. (China News Network)

The price of non-ferrous metals has skyrocketed, and the earnings of Korean companies may generally decline. Yonhap News Agency reported on September 9 that due to China’s resumption of industrial production after the epidemic, which has driven market demand, coupled with the depreciation of the US dollar and the reduction in mineral production, global prices of non-ferrous metals such as copper and nickel have returned to pre-epidemic levels and continued to rapidly. rise. According to the Korea Mineral Resources Corporation on the 9th, the copper price on September 7 was US$6,790.5 per ton, an increase of 10.14% from the beginning of the year and the highest value since mid-June 2018. As all non-ferrous metals used in the entire Korean manufacturing industry are imported, rising prices lead to increased costs, and the economic community is increasingly worried about the deterioration of the profitability of Korean companies. (Ministry of Commerce website)

KDI forecasts South Korea's economic growth rate to be -1.1% this year and 3.5% next year. Yonhap News Agency reported on September 8 that the Korea Development Research Institute (KDI), a national policy research institution, released the "Revised Economic Outlook" report on the 8th, and lowered its forecast for economic growth this year and next. 3.5%. This is 1.3 percentage points and 0.4 percentage points lower than the forecasts made in May this year, respectively. The South Korean economy is not expected to see a "V" rebound. (Ministry of Commerce website)

Tehran's stock market woes intensified. "Financial Tribune" reported on September 7, Tehran's main stock market index TEDPIX fell 40,586 points, or 2.46%, on Monday, with trading volume down 50 trillion riyals ($217 million) compared with the past two trading days. This points to another record low performance in market indicators since Saturday, as demand has increased and stock liquidity has strengthened. (Ministry of Commerce website)


Shandong Provincial Department of Commerce Fair Trade Office

September 10, 2020