China’s economic slowdown persists, knocking global oil demand

New economic data cemented concerns over China’s flagging economy.

Retail sales growth was below analysts’ expectations, the unemployment rate rose, and property investment fell, while the country’s biggest steel producer warned of a “harsh winter” in the sector that will be “longer, colder and more difficult to endure than we expected.”

China’s slowdown has spurred both OPEC and the International Energy Agency to downgrade expectations for global oil demand, while ING’s chief China economist said officials should loosen monetary policy and consider fiscal stimulus, warning that otherwise, “it will be very difficult to achieve the [government’s] 5% growth target for the year.”