Singapore’s retail sales rose less than expected, by 1.1% y/y in Jun (easing from 1.8% in May) versus Bloomberg median estimate of 2.1% y/y. On a seasonallyadjusted sequential basis, retail sales fell for the second month in a row by 0.8% m/m (from -0.2% in May).  Excluding motor vehicle sales, the sequential change turned positive to 0.2% m/m (from -0.4% in May) and translated to a stronger increase of 2.5% y/y (from 1.7% in May).  In line with the weaker headline growth in Jun (compared to May), retail sales value also slipped below the S$4.0bn mark to S$3.8bn (from S$4.03bn in May). 

Outlook – We continue to expect retailers to enjoy domestic and external supports, complemented by major events such as various sports, high profile concerts and BTMICE (Business Travel and Meetings, Incentive Travel, Conventions and Exhibitions) activities. In particular, a string of high-profile concerts (starting from Jul onwards) and the upcoming F1 night race (15-17 Sep)