China: Retail sales growth gains steam in October
Retail sales expanded 4.9% year-on-year in October (September: +4.4% yoy), above market expectations. However, momentum was still held back by domestic Covid-19 flare-ups.
On a monthly basis, retail sales rose 0.4% in seasonally-adjusted terms in October, which was above September’s 0.3% expansion. Meanwhile, the trend improved slightly, with the annual average growth of retail sales coming in at plus 14.5% in October, up from September’s 14.4%.