China’s largest online shopping bonanza wraps up on Monday, with analysts and investors watching for signs that consumption is rebounding in the world’s second-largest economy after recent efforts by Beijing to boost activity.”Singles Day” — launched by tech giant Alibaba in 2009 — has ballooned into an annual blockbuster period for retail, with days of discounts luring customers to the country’s online shopping platforms.Its name is a riff on the four ones in its date of November 11, or “11.11” — the tongue-in-cheek celebration of singlehood is a key driver of sales for Alibaba and its main competitor, JD.com.Neither firm released detailed sales figures on last year’s Singles Day for the second time running, with Alibaba saying only that it recorded growth during the period.Sluggish domestic consumption is among the top issues now facing policymakers in China, which has struggled to achieve a full post-pandemic recovery.Beijing has in recent weeks announced a slew of the most aggressive measures in years aimed at bolstering growth, including key rate cuts and increasing the debt limit for local governments.But many economists argue that in the absence of large-scale fiscal stimulus aimed at encouraging consumer spending, a return to the country’s robust pre-pandemic trajectory may be difficult to attain.This year’s Singles Day could represent a major boon for retail giants as analysts watch for signs that recent measures are having an impact.Analysts from the ING banking group said in a note last week that it expects to see “solid growth numbers” during the event, which it said “should comfortably outpace the overall consumption growth momentum”.Consumer prices in China rose at a slower rate in October, official data showed Saturday, in a further sign of languid demand.Singles Day 2024 “is expected to generate over 1.2 trillion yuan ($167 billion)… representing a growth of 15 percent compared to the previous year”, wrote VO2 Asia Pacific, a consultancy specialising in the digital economy.While the promotional campaigns could be effective in driving short-term sales, managing partner Vincent Marion warned that the strategy could have negative repercussions.”Many consumers buy in bulk to reach discount thresholds, only to return the products afterward,” said Marion, warning that the practice “erodes profit margins and damages brand perception”.Alibaba, like its main rival JD.com, withheld sales figures on the Singles Day period for the first time ever in 2022, saying instead that sales were flat from the previous year.

Asian markets fell Monday after China’s keenly anticipated plans to support the world’s number two economy fell short of expectations, while traders were also keeping tabs on Washington as Donald Trump puts his cabinet together after last week’s election win.Stocks rallied last week on hopes that a second Trump administration — supported by a Republican Congress — would push through a slew of business-friendly policies including deregulation and tax cuts, offsetting concerns about possible trade wars.However, the mood changed after Beijing said Friday it would lift local government debt by $840 billion to help them clear so-called hidden debt, but fell short of announcing any new growth-boosting measures for the stuttering economy.Hopes had been building all last week that officials would deploy a “bazooka” stimulus, the need for which was highlighted Sunday by data showing Chinese inflation slowed last month and came in below forecasts.Authorities in late September began unveiling a raft of policies aimed at reigniting the economy, which has failed to fire since the lifting of tough Covid-fighting rules at the end of 2022.Among them were interest rate cuts and an easing of home-buying measures as leaders try to address a crisis in the country’s vast property sector.Friday’s announcement saw Chinese shares traded in New York plunge more than four percent. And Hong Kong led losses Monday, shedding more than two percent, while Shanghai was also down, along with Tokyo, Sydney, Seoul, Wellington, Taipei, Manila and Jakarta.The selling came as investors ignored another record for all three markets on Wall Street, which was also helped by another Federal Reserve interest rate cut.Observers said there were concerns about the impact of Trump’s planned tariffs, which he said would have a particular focus on China, fuelling talk of another trade war between the economic superpowers.Pepperstone Group’s head of research Chris Weston said Beijing may have had an eye on this in its announcement.”Many feel that China is keeping its tactical powder in play for such time as the Trump-China tariff negotiations build, and they can respond in a more targeted fashion to stem the likely economic fallout,” he wrote.”In the short-term, however, it does suggest downside risk to China/HK equity and the yuan.”Meanwhile, bitcoin continued to push to new highs, hitting a record $81,740 on Monday on optimism that Trump will ease regulations surrounding the cryptocurrency.”We shouldn’t expect this bullish trend to be interrupted for a long time — about a year. The next level for me is $100,000,” Stephane Ifrah,  of French crypto asset management company Coinhouse, told AFP.Meanwhile, researchers at Bank J. Safra Sarasin offered a largely upbeat outlook for the next year.They wrote in a report that “2024 ends with stronger economic growth, more balanced labour markets and lower inflationary pressures than we expected a year ago. In particular, the US economy was more resilient and is still headed for a soft landing”.”Yet President-elect Donald Trump’s policy proposals could lead to heightened macroeconomic volatility. Deregulation and tax cuts would boost nominal growth, but a trade war would hurt growth and raise prices.”- Key figures around 0230 GMT -Tokyo – Nikkei 225: DOWN 0.4 percent at 39,347.79 (break)Hong Kong – Hang Seng Index: DOWN 2.7 percent at 20,177.77Shanghai – Composite: DOWN 0.6 percent at 3,431.75Euro/dollar: DOWN at $1.0722 from $1.0724 on FridayPound/dollar: DOWN at $1.2918 from $1.2921Dollar/yen: UP at 153.23 yen from 152.62 yenEuro/pound: UP at 83.00 pence from 82.95 penceWest Texas Intermediate: DOWN 0.4 percent at $70.08  per barrelBrent North Sea Crude: DOWN 0.3 percent at $73.64 per barrelNew York – Dow: UP 0.6 percent at 43,988.99 (close)London – FTSE 100: DOWN 0.8 percent at 8,072.39 (close)