Monday morning links
China April statistics, Macau junket operators, CNOOC, industrial robots
China’s economic statistics for April were weak. Retail sales fell by -11% year-on-year, youth unemployment hit 18%, and total social financing dropped by -80% month-on-month. China’s property investment for April fell by -10% year-on-year, the weakest pace in 16 years. I wonder if industrial commodities are correctly pricing in the risk of weaker construction activity in China.
Macau’s legislative assembly is drafting a new gaming law to be finalised in July. Junket operators will no longer be allowed to take in deposits or hold any gaming-related debts, making it more difficult for casinos to source clients from mainland China. And now that several Macau junket operators have been shut down, casinos may eventually become liable for the debts that those junket operators left behind.