The improvement we saw in the headline activity numbers in March proved short lived with both industrial production and retail sales taking a renewed dive in April. Auto sector weakness was notably pronounced. Passenger car unit sales are down some 11% from the June 2018 peak, which is unprecedented in a developing economy with a reported growth rate as that of China.
Global activity is on the back foot. World trade has been weakening for months and the economic soft patch has turned into a more prolonged slowdown, certainly in Europe and Asia.