Economic & Strategy Viewpoint

Janet Mui: weekly economic update 31 May


Janet Mui

Janet Mui

Global Economist

Pro-European parties retain hold of the European Parliament

The grand coalition of conservatives and social democrats lost its absolute majority in the European Parliament and anti-establishment parties gained seats. However, overall, pro-European parties retained their majority.

UK political landscape becoming more polarized

In the UK, the Conservatives and Labour appear to be moving further apart on Brexit. With the upcoming departure of Theresa May, the conservatives are likely to elect a pro-Brexit PM, while Labour is moving towards a second referendum.

Escalation of US-China trade tensions weighs on markets

In response to increases in US tariffs and the blacklisting of Huawei, the Chinese government signalled that it may restrict the export of commodities used in the manufacturing of some high-tech equipment. Tensions look set to persist. 

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