China Golden Week holiday spending misses expectations

The news: China stocks have fallen after traders returned from the Golden Week holiday break, which failed to meet government hopes for a consumer-led uptick, Bloomberg reports. China's markets also had to readjust after closing for an eventful week, which included a treasuries selloff and oil price volatility exacerbated by the weekend's attacks in Israel.

The numbers: The CSI 100 lost as much as 1.1% in early trading, and was 0.58% lower at 2pm AEDT. Tourism revenue from China's Golden Week holiday period was slightly better than pre-pandemic levels, but fell short of government expectations, with the nation recording 826 million domestic trips and 753.4 billion yuan ($162.4 billion) in spending over the eight day period. China's government had expected more than 900 million trips, generating 782.5 billion yuan in spending.

The context: The figures dampened hopes of some good news in what has been a lumbering few months for China's economy with slumping growth, weak demand and a liquidity crisis in its housing sector.