UPDATE 1-Hong Kong June retail sales slide, govt says protests dent business [Reuters]
CHINA MRCHNTS BK UNSP/ADR (CIHKY)
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Source: Reuters
Hong Kong June retail sales slide, government says protests dent business - Reuters 4 Min Read HONG KONG (Reuters) - Hong Kong retail sales, a key part of the city’s economy, felt a growing impact in June from mass protests, government data showed on Thursday. The government said June retail sales fell 6.7% from a year earlier, the biggest decline since February, as local consumer sentiment turned cautious and growth in visitor arrivals slowed. Protests against a proposed extradition law began in late April and widened in June, though they remained peaceful until July, when there was violence at some demonstrations. Businesses say with the violence has added to the toll on tourism and the pivotal retailing industry. Many businesses in Hong Kong are already facing strains from China’s economic slowdown, a weak Chinese yuan and fallout from the Sino-U.S. trade war. “The near-term performance of retail sales will likely remain subdued, as the weakened global and local economic outlook an
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