The IEA's Toriel Bassoni on China's Data Surprise Index

The IEA noted that world demand for oil is up despite the weakness in prices. China's post-COVID recovery has been rapidly losing steam due to weak components amongst consumers and business investors. The China economics team cut their annual GDP growth forecast at Nomura to 5.5% for this year down from 5.9%. And headlined CPI inflation to just be around 0.8% for the full year down from previous forecast of 1.3%.