Australian shares are struggling to maintain their early morning rally, after China revealed that its economy had suffered a worse-than-expected slump in April.
China's retail sales plunged by 11.1 per cent in April — compared to a year ago — and this was its biggest slowdown since March 2020, according to figures from the National Bureau of Statistics. As the anti-virus measures snarled supply chains and paralysed distribution, industrial production fell 2.9 per cent from a year earlier. This was the the largest decline since February 2020.
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