Chinese economy begins to slow, as retail sales disappoint [Video]
|On Monday, data from China showed that its economy has begun to slow in recent months.
According to China’s National Bureau of Statistics, retail sales in July grew by 02.7% from the same period last year.
This figure falls short of the expected 5.0% increase in sales for the same period of time.
In addition to this, Industrial production rose by 3.8% last month, with this also falling short of expectations for a 4.6% rise.
As a result of this, The People’s Bank of China moved to lower its prime loan rate by 0.10%.
Oil prices slip to fresh 6-month low
Oil prices dropped to a fresh six month low earlier today, as traders likely responded to disappointing data from China.
China is currently one of the largest oil importers in the world, and with its economy seemingly slowing, this could impact demand.
Demand for energy has already been fragile in recent months, due to the warm weather over the summer months.
In addition to this, crude stockpiles in the U.S. have risen by over 10 million barrels over the past two weeks.
WTI fell to a low of $86.82 per barrel earlier today, which is its weakest point since February.
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