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HEIDI LEARNER, CHIEF ECONOMIST, SAVILLS STUDLEY, SAVILLS PLC, NEW YORK. “Nothing in today’s report changes the Fed’s calculus for a move in September. With wages and salaries up 2.7 percent, which is consistent with the 2.9 percent annual increase we saw for private sector workers in the June employment cost index report released earlier this week, a third rate hike in September is all but certain. “These were solid figures all around as a softer figure for July, just 157,000 job gains, was offset by revisions for May and June, which increased nonfarm payroll employment by 59,000. With a modest decline in the unemployment rate to 3.9 percent and an unchanged labor force participation rate, this is still a strong report.”.
WASHINGTON (Reuters) - The U.S, trade deficit recorded its biggest increase in more than 1-1/2 years in June as the boost to exports from soybean shipments faded and higher oil prices lifted the import bill, The Commerce Department said on Friday the trade gap surged 7.3 percent to $46.3 billion, The rise in percentage terms was the biggest since November 2016, Data for May was revised slightly to show the trade deficit falling to $43.2 billion, instead of the previously reported $43.1 billion, Economists polled by Reuters had forecast the trade deficit widening to $46.5 billion in June, The trade gap narrowed in April and May as farmers front-loaded soybean exports to China before Beijing’s retaliatory tariffs came into effect in early July, The United States slapped duties on $34 billion worth of Chinese goods, provoking a similar response from ribbed v cufflinks China..
When adjusted for inflation, the trade gap increased to $79.3 billion in June from $75.5 billion in May. The government reported last Friday that trade contributed 1.06 percentage points to the economy’s 4.1 percent annualized growth pace in the second quarter. The politically sensitive goods trade deficit with China rose 0.9 percent to $33.5 billion in June. In June, exports of goods and services fell 0.7 percent to $213.8 billion. Consumer goods exports decreased $1.4 billion, driven by a $0.6 billion drop in shipments of pharmaceutical preparations. There were also decreases in exports of capital goods and motor vehicles and parts.
Petroleum exports, however, rose to a record high in June, Imports of goods and services rose 0.6 percent to $260.2 billion in June, They were boosted by imports of consumer goods and crude oil, Petroleum imports in June were the highest since December 2014, The surge reflected higher oil prices, The price of imported crude oil averaged $62.42 per barrel in June, which was the highest level since December 2014, There were decreases in imports of computers and telecommunications equipment, (Corrects 2nd paragraph ribbed v cufflinks to show rise in percentage terms instead of drop)..
HONG KONG/SHANGHAI (Reuters) - Heineken (HEIN.AS) is taking a $3.1 billion stake in the parent of China Resources Beer (0291.HK), China’s top brewer, to tap a growing thirst for premium brands in the world’s biggest beer market. The world’s No. 2 brewer will take a 40 percent holding in CRH Beer, giving it a strong distribution network in China and greater access to a market it has so far found tough to crack. For CR Beer, the maker of the locally popular Snow beer, the deal is a way to get into the foreign-dominated premium sector at a time when Chinese demand for lower-end brands is waning.
“This (deal) will help accelerate CR Beer’s Snow beer high-end strategy and achieve its goal to take a leading position in the premium market within 5-10 years,” CR Beer’s Chief Executive Hou Xiaohai told reporters on a call on Friday, Snow accounts for about 90 percent of CR Beer’s total ribbed v cufflinks beer sales volumes but is almost exclusively sold in China, CR Beer hopes to use Heineken’s global network to market it abroad, CR Beer shares initially jumped as much as 10 percent but closed down 0.99 percent, while Heineken’s rose 2 percent..
“Thanks to the strong position of CR Beer and understanding of the market growth of the Heineken brand should improve in the coming years,” analysts at Degroof Petercam wrote in a note. Heineken had struggled to compete with the dominant players in China’s premium lager market such as Anheuser-Busch InBev (ABI.BR) and Carlsberg (CARLb.CO) on a national scale. The Dutch group had a 0.5 percent share of the China market by volume in 2017, data from research firm Euromonitor International showed, while AB Inbev had 16.1 percent. CR Beer had more than a quarter share.
Heineken chief executive Jean-Francois van Boxmeer said the company would have ribbed v cufflinks found it hard to replicate good results it had achieved in provinces such as Fujian throughout China, “(It) is something that would have cost way too much money and we have no time for that,” van Boxmeer said on a conference call following the announcement of the deal with CRH Beer, Heineken will inject its three breweries in China into CR Beer and license its Heineken brand in China, Hong Kong and Macau to CR Beer..