China Retail Sales – Nov 2024_ Weaker than expected
China Securities·2024-12-19 16:37
Source: CEIC, National Bureau of Statistics, Morgan Stanley Research China's retail sales growth in November slowed down to +3.0% YoY, vs 4.8% in October, below expectations (vs. consensus at +4.6%), partly due to the front-loading effect of 11.11 promotion into Oct sales. Implied recovery pace vs. 2019 lowered to 115%, vs. 119% in October. Exhibit 1: Summary of Retail Sales Trend Morgan Stanley does and seeks to do business with companies covered in Morgan Stanley Research. As a result, investors should be ...