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An ICYMI if you are watching developments in China's economy. Another sign of softness was the June trade data released yesterday:

China's exports fell In June month at their fastest since the onset of the pandemic three years ago. Weaker global demand was cited in reasoning for the drop. A spokesperson for China's General Administration of Customs said weak exports were dut to:

• a weak global economic recovery, slowing global trade and investment, and rising unilateralism, protectionism and geopolitics

Which is good news in a way as demand is picking up, or at leat not worsening. Oil is perhaps showing the way, its solidly back above USD70 (WTI).

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Meanwhile markets are still awaiting stimulus from China. We are getting plenty of words but not a whole lot of action:

• China Securities Journal says H2 2023 policy mix will stabilize the country's economy