Across the world, warning signs are flashing about the state of the economy. 世界中で経済状態に警告シグナルが点滅している。
Three-fourths of the global economy (per GDP) will experience a
slowdown this year. The pause in growth has unquestionably transmitted
through the global smartphone industry, sending shipment volumes down
6.6% YoY in 1Q19, according to new data from the International Data Corporation (IDC) Worldwide Quarterly Mobile Phone Tracker.
世界経済の3/4は今年経済減速となるだろう。成長停滞は疑うこと無く世界的スマートフォーン産業にも影響する、すでに2019Q1の出荷数はYoYで6.6%下落している、最新のIDC Worldwide Quarterly Mobile Phone Trackerによるものだ。
Smartphone vendors (Samsung, Huawei, Apple, Xiaomi, Vivo, Oppo, and
others) shipped 310.8 million units in 1Q19, recorded the sixth
consecutive quarter of decline. Last year, smartphone shipments fell
4.1% over 2017, as 1Q19 was down 3.5% -- about half of what the market
experienced in 1Q19, indicating the slowdown has only accelerated.
The plunge in demand is more proof that 2019 will be another huge down year for worldwide smartphone shipments. 2019にはさらに需要が後退し、世界的に出荷数が減るだろう。
At the heart of these high-tech handheld gadgets, are microprocessor
chips that serve as the central processing unit. Earlier this week, we highlighted a report from the Semiconductor Industry Association (SIA) that warned of a 13% drop YoY in 1Q19 in chips, a direct correlation to waning demand from smartphones.
However, there was one green shoot, Huawei become number two
smartphone manufacturer in the world, with smartphone shipments
increasing 50% YoY in 1Q19.
"It is becoming increasingly clear that Huawei is laser focused on
growing its stature in the world of mobile devices, with smartphones
being its lead horse," said Ryan Reith, program vice president with
IDC's Worldwide Mobile Device Trackers. "The overall smartphone market
continues to be challenged in almost all areas, yet Huawei was able to
grow shipments by 50%, not only signifying a clear number two in terms
of market share but also closing the gap on the market leader Samsung.
This new ranking of Samsung, Huawei, and Apple is very likely what we'll
see when 2019 is all said and done."
「とても明らかなのはHuaweiが注目の的だ、世界の移動体デバイス業界で地位を上げている、 スマートフォンがその典型だ、」とRyan Reithは言う、彼はIDC Worldwide Mobile Device Trackersの副社長だ。スマートフォン市場はあらゆる分野で挑戦を受けている、それでもHuaweiは50%の成長を果たし、マーケットシェアで第二位の地位を獲得するだけでなく、戦闘のSamsungとの距離を縮めている。新たなランキングでは、Samsung, Huawei そしてAppleの順番で、結局の所2019通年でもこうなるだろう。」
IDC poured cold water on a 2H19 rebound in China, indicating the
smartphone industry in the country will likely be "challenged" for the
remainder of 2019, and noted that the epicenter of the downturn was in
North America. US smartphone shipments declined 15% YoY during 1Q19 as
replacements rates slowed. Apple iPhone, Samsung, and LG Electronics
performed rather poor in 1Q19.
"The less than stellar first quarter in the United States can be
attributed to the continued slowdown we are witnessing at the high end
of the market," said Anthony Scarsella, research manager with IDC's
Worldwide Quarterly Mobile Phone Tracker. "Consumers continue to hold on
to their phones longer than before as newer higher priced models offer
little incentive to shell out top dollar to upgrade. Moreover, the
pending arrival of 5G handsets could have consumers waiting until both
the networks and devices are ready for prime time in 2020."
米国ではQ1ほどに確実ではなく、その原因はハイエンド製品の減速に見られる、」とAnthony Scarsellaは言う、彼はIDC Worldwide Quarterly Mobile Phone Tracker
の調査マネージャだ。「消費者はかつてよりも長期間携帯電話を利用する傾向にあり、大枚をはたいて高価な新製品を買おうとはあまり思わない。更に言うと、端末とネットワークが5G対応するのは2020年とみており、それまで先延ばしにしている。
The deterioration in smartphone sales forced LG Electronics in South Korea
last month to suspend all smartphone production in the country. The
South Korean based electronics company is expected to transfer resources
to Vietnam, which follows a list of multinationals reorganizing their
complex supply chains as a global synchronized slowdown gains momentum
in 2Q.
Samsung controls 23.1% of the global market share, the largest out of
any company, but it's down 8.1% from 78.2 million shipments in 1Q18.
Huawei logged a 50.3% increase in shipments, shifting the Shenzhen based
company to the second largest smartphone manufacturer in the world with
59.1 million shipments, while Apple was demoted to the third spot since
its orders crashed 30.2% YoY to 36.4 million shipments.
Both reports from IDC and SIA suggest the second half rebound that
has already been priced into global stock markets through multiple
expansion is merely a fantasy. Perhaps, the plunge in smartphone and
semiconductor chip demand is a sign the global economy is still
crumbling.
We'll leave readers with a chart of where the global economy in terms
of trade volume is headed. As shown below, the move is down and it's
likely to be met with new rounds of global central bank easing.
How Are Gold And Money Supply Related? by Tyler Durden Sun, 06/14/2020 - 13:00 Authored by Mike Shedlock via MishTalk, M2 Money Supply is surging. Will gold follow? M2マネーサプライが急増している。ゴールドはこれを追従するだろうか? Let's investigate an alleged relationship between gold and M2, a measure of money supply in the US. よく言われるM2(米国のマネーサプライ指標)とゴールドの関係について調べてみよう。 "There’s a clear correlation between the annual growth rate in M2 money supply and the price of the yellow metal. " 「M2の年率増加速度とゴールド価格の間には明らかな相関がある。」 Clear Correlation? 明らかな相関? The Tweet claims something different than my lead chart depicts. So let's investigate the above idea in other time frames. このツイートの主張は私が示す最初のチャートが示すものとは異なる。というわけでこのtweetの主張を別の時間フレームで見てみよう。 Gold vs Rate of Change in M2 Money Supply ゴールド vs M2マネーサプライの変化率 If we look at longer time frames, the rate of increase in M2 theory falls flat on its face....
Is The Stock Market As Confused As You Are About A Recession? Written by Lance Roberts | Apr, 1, 2019 Last week, Barron’s ran an article entitled “The Stock Market Is Just As Confused About A Potential Recession As You Are?” To wit: 先週バロンズにこういう記事が掲載された「株式市場は景気後退を予感させるほどに混乱しているだろうか?」見てみよう: “Investors have long used where we are in the economic cycle to decide which stocks to buy and sell. New research from Nomura’s Joseph Mezrich flips that on its head by showing how investors can use stock performance to help determine where we are in the cycle. Too bad the market is sending mixed messages right now.” 長らく投資家は現在景気サイクルのどこに居るかを見てこの株式を売るか買うかを判断してきた。野村證券のJoseph Mezrichの最近の研究では、これが逆さで、投資家は株式のパフォーマンスを見て今景気サイクルのどこにいるかを判断している。最悪なことに現在相場は悪化改善混在のメッセージを送っている。」 But let’s be clear here; no one wants the party to end. So, despite a struggling stock market over the last year, slowing economic growth, and a collapsing yield curve, there are s...