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The most positive global macro data point from this morning's release schedule was China's CPI coming in lighter than expected at +6.3% for July (year over year).

Looking at the chart below, this is a downtick from the highs China reported earlier in the year, and down again from June's level of +7.1% y/y.

China's wage inflation continues however. We will have our eyes on the incoming data as it is released.
KM
Chart By Andrew Barber, Director