The week on the markets starts with weaker than expected Chinese economic data. In July, retail sales were below the lowest estimate in the forecast range and industrial production also fell short of expectations (+ 6.4% compared to + 7.9% expected). “China’s post-pandemic narrative differs from that for advanced economies – remarks Paul Donovan, chief economist at UBS Global Wealth Management – Consumers in advanced economies have rushed to spend savings as restrictions eased. In China instead there has been an increase in the desire to save in the wake of COVID “. As a result, China’s growth has been more externally driven. But in the United States, spending on “entertainment” (mainly services) outpaced spending on non-automotive durable goods in the second quarter. “This has slowed the momentum of Asian exports. Fear of the virus could also affect Chinese consumer behavior,” adds Donovan.