China’s recent commodity demand has been stronger than might have been expected given the weakness of its economy and commodity-intensive property sector in particular. This partly reflects a step-up in infrastructure spending and resilience in manufacturing. But the strength of oil demand is particularly striking: we think that it is due to a narrow rebound in passenger travel which isn’t reflective of the overall state of consumer activity.
Subscriber content
Read this in full, free
Start a free trial and use one of your 10 free starter credits to unlock this piece.