Banca March: Activity accelerates in China, but at a slower pace than expected. The April set of activity indicators showed a rebound in growth, as industrial production accelerated to 5.6% while retail sales advanced 18.4%. Although these data are very positive and confirm that the reopening of the economy is boosting activity, they fell short of expectations (10.9% and 21% respectively).
On the consumer spending side, the best performing components were those related to Leisure & Hospitality, with spending in restaurants, for example, increasing by 44% year-on-year in April.
