China reported a drop in retail sales and industrial production in April — far worse than analysts had expected. Retail sales fell by 11.1% in April from a year ago, more than the 6.1% decline predicted in a Reuters poll. Industrial production dropped by 2.9% in April from a year ago, in contrast with expectations for a slight increase of 0.4%. Last month, the persistent spread of Covid and resulting stay-home orders — primarily in Shanghai — forced factories to close or operate at limited capacity. The “increasingly grim and complex international environment and greater shock of [the] Covid-19 pandemic at home ... (full story)