- Five of the best: Pakistan-England Test thrillers
- Man sets arm on fire as marches across US mark Gaza war anniversary
- Vietnam's young coffee entrepreneurs brew up a revolution
- Trump rallies at site of failed assassination: 'Never quit'
- Too hot by day, Dubai's floodlit beaches are packed at night
- Is music finally reckoning with #MeToo?
- Fans hail Trump's 'guts' as he returns to site of rally shooting
- Lebanon state media says Israeli strikes hit south Beirut
- Miami on track for MLS record points after win in Toronto
- Monaco take top spot in Ligue 1 with win at Rennes
- Madrid beat Villarreal to level Liga leaders Barca
- Thuram treble fires Inter past Torino and up to second
- 'Fight': defiant Trump jets in to site of rally shooting
- Mexico City's new mayor sworn in with pledges on water, housing
- Israel on alert ahead of Hamas attack anniversary
- Guardians maul Tigers in MLB playoff series opener
- Macron criticises Israel on Gaza, Lebanon operations
- French rugby player whistled but 'serene' on return amid ongoing rape case
- Retegui hat-trick fires five-star Atalanta to hammering of Genoa
- Heavyweights Australia, England off to World Cup winning starts
- Visiting UN refugee agency chief decries 'terrible crisis' in Lebanon
- Spinners come to party as England defeat Bangladesh at T20 World Cup
- Search continues for missing in deadly Bosnia floods
- Man City sink Fulham to get title bid back on track
- France's Auradou whistled on Pau return in Perpignan loss amid ongoing rape case
- A 'forgotten' valley in storm-hit North Carolina, desperate for help
- Arsenal hit back in style after Southampton scare
- Hezbollah heir apparent Safieddine out of contact after strikes
- Liverpool stay top of Premier League as Arsenal, Man City win
- In dank Tour of Emilia, Pogacar shines in rainbow jersey
- DR Congo launches mpox vaccination drive, hoping to curb outbreak
- Trump returns to site of failed assassination
- Careless Leverkusen held to Bundesliga draw
- O'Brien's 'superstar' Kyprios posts landmark win on Arc weekend
- Liverpool suffer Alisson injury blow
- Habosi helps Racing beat Vannes before Auradou's playing return
- Thousands march in London in support of Palestinians, 1 year after Oct 7
- Israel readying response to Iran missile attack
- Schutt, Mooney help Australia beat Sri Lanka in Women's T20 World Cup
- Liverpool extend Premier League lead with win at Palace
- Djokovic 'shakes rust off' to make third round of Shanghai Masters
- 'Imperfect' PSG fighting on all fronts - Luis Enrique
- Struggling Pakistan look to thwart adaptable England
- Child 'trampled to death' in asylum seekers' Channel crossing: minister
- Gauff fights back to set up Beijing final against Muchova
- Guardiola claims Premier League won't delay season for Man City
- Israel to mark October 7 attack as Gaza war spreads
- Gauff fights back to reach China Open final
- Recovering Stokes ruled out of first Pakistan Test
- Hezbollah battles troops on border as Israel pounds Lebanon
China's retail sales lowest in two years from Covid damage
China's retail sales slumped to its lowest in two years while factory output plunged, official data showed Monday, capturing the dismal economic fallout from Beijing's zero-Covid policy.
The world's second-largest economy has persisted with strict virus measures, choking up global supply chains as dozens of Chinese cities -- including key business hub Shanghai -- grapple with restrictions.
Officials have vowed to support growth, lowering the mortgage rate for first-time homebuyers. While Shanghai's gradual reopening was announced over the weekend, observers warn that the zero-Covid strategy could mute any positive impact.
The latest cut came Monday when the National Bureau of Statistics (NBS) announced data showing that retail sales shrank 11.1 percent on-year in April.
It is the biggest slump since March 2020 as Chinese consumers remained cooped up at home or jittery over lingering restrictions.
"In April, the epidemic had a big impact on economic operations," NBS spokesman Fu Linghui told reporters Monday, adding that the outbreak had a "significantly larger-than-expected" effect.
But he stressed that the hit would be "short-term" and a gradual recovery was on the cards.
Industrial production growth also sank 2.9 percent on-year, reflecting damage from shuttered factories and transportation woes as officials ramped up Covid restrictions last month.
This figure is the weakest since early 2020, and down from 5.0 percent growth in March.
The dismal showing came as China battles its worst Covid outbreak since the early days of the pandemic.
"The prolonged Shanghai lockdown and its ripple effect through China, as well as logistics delays resulting from highway controls... have severely affected domestic supply chains," said Tommy Wu, lead China economist at Oxford Economics.
He added that household consumption was "hit even harder" and disruption to activity could extend into June with a rebound likely to take weeks.
- Unemployment rise -
In April, unemployment similarly rose to levels not seen since early 2020, according to the data, as the urban unemployment rate hit 6.1 percent.
In a sign of looming concern among authorities, China on Friday announced measures to help young people find jobs -- given that a record number of fresh graduates are expected to enter the market this year.
These include social insurance subsidies for smaller firms that hire more graduates.
State-owned enterprises are also expected to boost recruitment, official Xinhua news agency said.
"Repeated indications from the authorities that meaningful policy easing is on the horizon have not played out," said financial services firm Gavekal in a recent note, adding that policymakers may be waiting for lockdowns to lift before boosting stimulus.
"Yet as Shanghai and Beijing struggle to reopen and the economic damage keeps growing... officials may yet be forced to crank up stimulus sooner," Gavekal said.
T.Resende--PC