--the effect of the pandemic and doesn't look to be leading the world to any type of meaningful recovery any time soon.

Overnight the China Passenger Car Association said that retail car sales were down 37% YOY for the 4th week of June.

Average daily sales were down to 51,627 during June 22-27. This is a 6% sequential fall from the same week in May, indicating little respite or improvement from the pressure of the coronavirus pandemic on the industry. PCA blamed "seasonal factors" for the drop, which is a funny way to say "Chinese-borne virus ravaging the entire planet".