China's Golden Week started on Friday and although people seem willing to travel, they may not go on a spending spree. Travel and airline booking data were strong ahead of the eight-day holiday, but UBS China says many are cutting back on unnecessary shopping in outbound travels as they are still cautious. UBS Research believes Chinese consumers will unlikely return to Europe at a pace similar to pre-covid travel any time soon. Clients trading via the Hong Kong cash desk have been net sellers of consumer and travel-related names. Speakers believe China's property sector has to be on a stronger footing before a sustained recovery in consumption. China Focus encapsulates insights from UBS research, strategy and the trading Floor on China's most timely issues.
- UBS
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