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Why don't you get to free of beamus right now on China? Well, let's do that. She joins us from Pantheon Economics.

Freya, the Apple story looks like a China story.

Is that the reader cross? Can I read across from Apple into China

sort of consumer weakness or is the Apple story just idiosyncratic? It's got the

wrong product or the wrong price point or whatever it is? No, I think this is a pretty kind of macroeconomic story here, although Apple's so big that you can sort of, you can read

across in the opposite direction as well but in this case actually all

through last year the headline retail sales year over year prints were coming in a little

bit quite significantly stronger than what the underlying data was

telling us and even those headline prints were deteriorating.

The way they have, the way they publish the data in China you get the underlying levels data and that

doesn't always match up with what you see flashing up with the year-over-year

kind of headline prints because supposedly those headlines are adjusted

for sampling distortions which occur because firms fall in and out of the

of the sample. So if you have a lot of kind of smaller firms because it only includes the large the is falling, then you get this big drop in the underlying value, the levels of retail

sales values.

But you can extrapolate from that if you have that quantity of firms that are falling out of the sample that there is a great deal of underlying weakness that it wasn't really being reported in the in their headline figures there.

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