China's retail and vehicle sales surge in April.
China's economic recovery from the impact of Covid restrictions remains uneven as industrial production rose by 5.6% YoY in April, lower than economists' expectations of 10.9%, while retail sales rose by 18.4%, lower than the expected surge of 21%. Fixed asset investment rose by 4.7%, against expectations of 5.5%. China stocks have pared most of the gains seen this year, and market sentiment remains weak, with Goldman Sachs economist Hui Shan expecting more measures from the government to improve market confidence.