The main feature of the day was probably China's July domestic and industrial economy data. What it suggests is a sequential slowdown, perhaps a relaxation after the dash to make the half-year numbers, and/or perhaps a response to tightening monetary conditions. China's recovery is not accomplished yet, but the 13.8% private sector savings surplus gives them plenty of ammo.
In the US, it's worth pondering the divergence between surprisingly good productiviy gains (up 7.3%) and shockingly bad unit labour costs (up 12.2%) - that's truly lockdown dynamics at work.
And finally, I note that July was another very busy day for trade lawyers finding new reasons to stop trade: another 31 non-tariff barriers erected during the month, taking the total for the US, EU, China and Japan to 8,206.
