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Disappointing Chinese domestic data could add to pressure for fresh stimulus
China's retail sales growth fell to -0.6% year-on-year in May, down from 0.2% in April. The data was in line with our forecasts, but weaker than market consensus (market -0.2%, ING -0.6%). It’s the lowest level since pandemic-skewed 2022. We continued to observe the impact of the trade-in policy on related categories, which dragged down overall consumption. Beneficiary categories such as household appliances (-15.6%), autos (-16.1%), and furniture (-8.7%) saw outsized drops on the month. We’re now seeing the flip side of frontloading consumption. Gold and jewellery sales also performed poorly on the month at ... (full story)
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- Jun 16, 3:28am | 5 hr ago Posted byFundamental Analysis1,158
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