Good morning Hong Kong 🇭🇰 ! City empty as if people self impose a curfew on themselves. Went to fav coffee (they got 20hkd coffee that’s Fuel quality) & chatted w/ owner. Said closed early yesterday & biz meh. Told him that if he survives, he’ll gain market share! He nodded 👍🏻👍🏻! 
He handed me a loyalty stamp card & I said my wallet is too small to add another card & coffee cheap so it is okay. He smiled. I go there everyday if after 8am to help w/ money multiplier & velocity of $ & was so happy when it was too packed for me last weekend. Tough for SMEs.
If u are a buyer, u are getting discounts (rent, coffee, food, clothes) & purchasing power up if income steady. But many are saving as they worry, and rightly so. But as my bff scolded me, I started to spend more. I hope quality businesses survive & people vote w/ their wallet!
Bank of Korea but rate by 25bps to 0.5% from 0.75% as widely expected by consensus + @Trinhnomics . The reasons are because both domestic and external demand falling. Department store sales down -40% in March & April data coming today!
April likely better than March horrible -40% as early March was Korea outbreak but still very weak as imports and exports fell in April & data for May coming on Monday & don't hold your breath.
Google mobility shows that South Korea by May is best at only -8% from base line by 16 May 2020 so whatever was March will be better but better mobility doesn't mean more buying. Of the 5 sectors by Google, retail sales usually worst (discretionary vs essential).
After the big bounce of new home sales vs double digits collapse expectations, US mortgage applications up 2.7% for May 22 period.
Makes sense if u look at Google Mobility for the US as Americans are spending more time at home & parks vs retail & office!
Makes sense if u look at Google Mobility for the US as Americans are spending more time at home & parks vs retail & office!
So those not financially affected, my guess is paying HOA + management fees etc in a condo is less appealing than buying something w/ more land in case u have to do this again in the winter or in the fututre.
Land is key! Old homes where my mom lives are selling like hot cakes!!
Land is key! Old homes where my mom lives are selling like hot cakes!!
