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China's auto sales fell 3% in May, first drop in 14 months

Reuters reports that data from the China Association of Automobile Manufacturers (CAAM) showed that vehicle sales in China fell 3% in May from the same month a year earlier, snapping a streak of 13 consecutive months of gains since April 2020.

Overall sales in the world's biggest car market totaled 2.13 million vehicles in May.

China sold 10.88 million vehicles between January and May, up 36% from the same period a year earlier.

A global chip shortage and surging raw material prices are having an increasing impact on automakers in the country, said Chen Shihua, senior official at CAAM.

But Chen said CAAM remains cautiously positive about the sector's outlook. The industry body earlier expected China's overall vehicle sales to grow 6.5% this year.

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03:30 14.06.2021
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Time Country Event Period Previous value Forecast 04:30 (GMT) Japan Industrial Production (YoY)
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Pare Closed Change, % AUDUSD 0.77016 -0.62
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Key events for next week: US retail sales, UK, Canada and Japan consumer price index, Fed, SNB and Bank of Japan interest rate decision, Australia unemployment rate
On Monday, at 04:30 GMT, Japan will announce a change in industrial production for April. At 06:30 GMT, Switzerland will present the producer and import price index for May. At 09:00 GMT, the euro zone will report the change in industrial production for April. At 13:00 GMT, in Britain, the head of the Bank of England Bailey will give a speech. At 22:45 GMT, New Zealand will announce the change in food prices for May.On Tuesday, at 01:30 GMT in Australia, the RBA Meeting's Minutes will be
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