Hong Kong July retail sales +4.5% y/y, 15th straight monthly gain but pace slows

Hong Kong retail sales rose 4.5% y/y in July, extending a 15-month growth streak, though momentum decelerated from prior months due to adverse weather and sustained outbound travel by residents. The slowdown signals softening domestic consumption, a key input for Hong Kong's growth outlook, while the 8.9% cumulative gain in the first seven months remains solid.