Rolling coverage of the latest economic and financial news, as retail spending in China falls for the seventh month running
Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business.
Retail sales growth in China hasn’t been the same since the country came out of lockdown at the end of February, though optimism over the July numbers had been increasing given recent positive data from the auto sector in July, as well as reports from the likes of Daimler, and Apple talking of some decent rebounds in their Chinese markets.
Expectations were for a number in the region of 0.1%, which on the face of it still seemed a little on the low side, given the recent decent set of numbers from TenCent, with Alibaba’s numbers set to come later today.
I believe the recent heavy rains and floods in Southern China disrupted some domestic activities. Although the affected areas – mainly Jiangxi, Anhui, Hubei, and Hunan – so far do not appear to include China’s key economic hubs, activity data likely would have been stronger without these weather-related impacts.