Finally news that moved the Australian dollar downwards – half cent or so. China’s July exports are out and, whoa, what a miss, rising just 1% versus a consensus number of 8% year on year.
Those looking for demand coming from China will also be disappointed. Imports also missed big, falling to growth of only 4.7% instead of the expected 7%.
The trade balance undershot consensus by $10 billion, coming in at $25 billion.
Needless to say, these trends signal ongoing weakness in China and growing weakness everywhere else .
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