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(61,482 posts)
Tue Dec 30, 2014, 11:27 PM Dec 2014

Wall Street celebrates Occupy's suppression in Hong Kong.

Occupy Central failed to have a lingering effect on Hong Kong. Retail sales grew 4.1% from a year ago to 41.3 billion Hong Kong dollars, much better than the Bloomberg consensus estimate of a 0.2% year-on-year decline.

The gain was broad-based. Retail sales in almost all categories registered faster growth in November versus October. Jewelry and watches saw a 2% year-on-year decline in November, much better than the steep 11.5% decline in October. Clothing and footwear sales fell by 2.6%, versus the 8% decline seen in October. Department stores sales improved by 4.9% in November, versus 0.9% in October. Medicines and cosmetics growth continued to pick up pace, growing by 10% in November, versus 7.6% in October.

Back at the end of August, in a column for Barron’s weekend magazine, I suggested Hong Kong’s retail names were starting to look cheap. I recommended the world’s largest jewelry retailer Chow Tai Fook (1929.Hong Kong), department-store operator Lifestyle International (1212.Hong Kong), which runs the Sogo brand, and suggested we avoid cosmetics discounter Sa Sa (178.Hong Kong). See my August 30 column “Hong Kong Retailers on Sale “.


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