Chinese trade data beats estimates.

China's trade data for July topped expectations and provided evidence that the economy might be stabilizing following two years of slowing growth. Imports surged 10.9% on year vs expectations of +2.1%, while exports rose 5.1% vs +3%. "Together with the rebounding official Purchasing Managers’ Index...July trade data are supportive of a better economic outlook for China," says Bank of America's Ting Lu.