Economic outlook: Great Unwinding of stimulus underway. Q2 results show slowing growth. US retail sales decline in line with incomes, household wealth. India WTO veto marks end of global trade deals. European chloralkali sales indicate slowdown. Boom/Gloom Index indicates slowdown ahead. Q2 operating rates slide bad omen for H2 outlook. US inventory build boosts US GDP
China, India: Economic rebalancing to take 10 years. Modi highlights need for toilets to spur growth. China polyethylene sales highlight role in housing bubble. China housing market enters New Normal. China low-cost smartphones dominate market. China condom sales droop due to anti-graft campaign.