The US and China may be on the brink of a mini deal that postpones the US tariffs that are due to come into force next Tuesday. But with the key structural issues no closer to being resolved, we suspect that a mini deal would, at best, simply delay a breakdown in the negotiations. On the domestic front, retail sales growth picked up during the week-long National Day holiday. But this isn’t a sign of improving consumer confidence. Instead, a sharp slowdown in holiday travel, especially overseas, suggests that cautious consumers have simply opted to spend closer to home.
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