海外研报

Hong Kong: Retail sales fell further in May

On a month-over-month basis (seasonally adjusted), Hong Kong retail salescontinued to decline in May (-1.6% in value terms, -1.4% in volume terms). Sales

Seeking Certainty Amid Change

We expect a range-bound market in near term, as recent rallyhas largely priced in the positive developments since February.Despite positive policy pivots, we caution against persistentdeflation pressure and rising complexity from trade protection