Market Talk – September 9, 2021 | Armstrong Economics
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Market Talk – July 12, 2021 | Armstrong Economics
armstrongeconomics.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from armstrongeconomics.com Daily Mail and Mail on Sunday newspapers.
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ASIA:
China has denounced a US Senate bill worth approximately $250bn that aims to boost American technology and manufacturing prowess as an example of the US hyping up “the so-called China threat,” and accused Washington of attempting to hinder its development. The Senate on Tuesday overwhelmingly approved the Innovation and Competition Act. The expansive legislation, passed by 68-32 votes, combines various China-related measures into what analysts have called the biggest piece of US industrial policy legislation in decades. Analysts said the passage of the bill reflected the reality of the US-China bilateral relationship, which has been in a downward trend since Joe Biden’s predecessor, Donald Trump, took power in 2017.
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ASIA:
China’s factories slowed their output growth in April and retail sales significantly missed expectations as officials warned of new problems affecting the recovery in the world’s second-largest economy. Factory output grew 9.8% in April from a year ago, in line with forecasts but slower than the 14.1% surge in March, National Bureau of Statistics data showed on Monday. Retail sales, meanwhile, rose 17.7%, much weaker than a forecast 24.9% uptick and the 34.2% surge in March. In the factory sector, motor vehicle production growth fell sharply to 6.8% from 69.8%, due in part to the base effect as well as critical shortages of semiconductors used in car systems.