Chinese domestic air travel mobility indicators still point to stalling China recovery

I posted over the weekend on China’s continued stalling economic recovery:

A little more now from around the weekend news:

• China scheduled domestic flights
  have given back the early May gains and are back to Apr 11-17 levels. Scheduled domestic flights were -0.9% w/w for June 13-
  20 week.
  • The outlook for the next 4 weeks is for a higher number of scheduled flights, but still not back to April levels.
• As for road traffic, data shows that traffic numbers in the 10 of the top 15 cities are now up y/y. I haven’t seen the numbers compared with pre-covid 2019 though.

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The implications for oil are that better numbers will be needed to convincingly show inflating Chinese demand.