China's biggest shopping festival couldn't convince consumers to spend more money [Yahoo! Finance]
Mizuho Financial Group, Inc. Sponosred ADR (Japan) (MFG)
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Source: Yahoo! Finance
The property crisis and low consumer confidence are dragging down China's economic recovery. Stimulus measures and trade-in policies boosted appliance and car sales, but overall growth lags. China has rolled out multiple rounds of stimulus measures to boost its economy this year, but consumers are still unsure about parting with their money. In November, China's retail sales — a measure of consumption — grew 3% from a year ago, according to official data released on Monday. That's lower than a 4.8% expansion in October and a 4.6% rise that analysts polled by Reuters had expected. The below-forecast retail figures reflect flagging consumer confidence in a month when retailers hold their biggest sale of the year: the Singles' Day shopping festival. "This was the big disappointment of the month, as retail sales failed to build upon the momentum and came in well softer than both consensus and our forecasts," wrote Lynn Song, ING's chief economist for Greater China, in a note on
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MFG
Sec Filings
- 12/2/24 - Form 6-K
- 11/29/24 - Form 6-K
- 11/14/24 - Form 6-K
- MFG's page on the SEC website