Shanghai Slowing

Chinese imports sagged a stunning 7.3% in June, suggesting weak demand. Moreover, auto sales fell for a 12th straight month in June and YTD are at their weakest since 2015. Also, June producer prices were flat, the weakest showing since 2016, profit margins are declining, manufacturing employment fell at the fastest pace in a decade, and growth keeps slowing. China will stimulate its economy; a US trade deal would help.

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