China official Manufacturing Purchasing Managers Index (PMI) came in at 50.1, which was ahead of forecasts and had been in expansion territory for three straight months. It is favorable to the market.
Reported by HK Government, retail sales in April fell for the 14th successive month, down 7.5% yoy, indicating the continued drag from the slowdown in inbound tourism. We estimate local retail sectors would extend the weakness.
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