A.M. Update – Inflation Slows More

S&P futures are up +0.3%. China reported trade data for June that reflected a larger than expected year-over-year decline in both imports (actual -6.8%; expected -4.0%; last -4.5%) and exports (actual -12.4%; expected -9.5%; last -7.5%). This fueled more talk of policy stimulus. Separately, the Bank of Korea left its base rate unchanged at 3.50%,…