Macro Snapshot — China unexpectedly cuts key rates as economic data disappoints; Japan’s economy expands

CAIRO: China’s central bank cut key lending rates in a surprise move on Monday to revive demand as data showed the economy slowing in July, with factory and retail activity squeezed by Beijing’s zero-COVID policy and a property crisis.

The grim set of figures indicate the world’s second largest economy is struggling to shake off the June quarter’s hit to growth from strict COVID-19 restrictions, prompting some economists to downgrade their projections.

Egypt’s unemployment rate