Hong Kong Retail Sales - Hong Kong retail sales came in lower-than-expected in June.

Hong Kong Retail Sales - Hong Kong retail sales came in lower-than-expected in June. Total volume of retail sales increased 12.1%oya in June (JPMorgan: 15.2%; consensus: 14.7%), compared to 16.3%oya growth in May (16.2%oya before revision). In value terms, retail sales rose by 15.3%oya in June (Consensus: 19.0%) compared to 19.7%oya in May. Seasonally-adjusted, retail sales volume declined 1.4% m/m in June, following a 1.4% m/m rise in May. Sequential trend continued to drop and reached -13.0%3m/3m, saar by June, compared to -10.7%3m/3m, saar by May. Overall speaking, latest retail sales performance was not as robust in 2nd quarter compared to earlier this year; however, inbound tourism growth rate remained solid, and was expected to support retail business environment in Hong Kong in the coming months. Jiang