Marketmind: China trade data disappoints, again
Italy's 40% windfall tax on banks' net interest income, and Moody's Monday downgrade of several U.S. banks were not helping investor sentiment either. China's imports and exports fell much faster than expected in July, data on Tuesday showed, with imports down 12.4% year-on-year, missing a forecast fall of 5% in a Reuters poll and off a 6.8% decline in June. Parsing the export data, David Chao, global market strategist at Invesco, says the miss was driven by lower prices rather than lower volumes, and that Chinese export volumes remain surprisingly robust.