The HSBC purchasing managers’ index for Hong Kong released Wednesday showed private sector activity dropping for the fourth straight month in November, though retail sales figures showed a second straight month of growth and overall retail sales rose 1.4% in October, undercutting claims that the economy was suffering because of the ongoing student-led pro-democracy protest movement, The Financial Times reported. “I just don’t find sufficient evidence that it affects people’s sentiment,” said economist Raymond Yeung at ANZ, adding that the mainland’s anti-graft drive has been the more important factor in explaining Hong Kong’s weak retail environment this year.
Categories