China's Trade Data

China releases weaker than expected trade data.

Chinese stocks underperformed overnight following weaker than expected trade data. Exports fell by 14.5% and imports by 12.4%. Declines of 12.4% and 6.8% respectively were expected. European equities are lower on the open by between 10bp and 40bp as the poor start to August trading continues. German CPI was in line rising 0.3% MoM and 6.2% YoY and with this out of the way eyes will be on US trade balance figures released at 13:30BST later.

UK retail sales weaker than expected.

Wet weather has been cited as the reason for weaker than expected growth in BRC sales in July. The growth of 1.8% in July compared to 4.2% in June, with the weather being primarily cited in the clothing sector for the softer figure. Grocery spending was 5.2% YoY falling from 9.8% the previous month. This may be good news for inflationary pressure but BoE Chief Economist Hugh Pill has warned that food prices may never fall back from their painfully high levels. He predicts that while substantial declines on global food markets will eventually feed through to shoppers, it may only slow the pace of increases rather than lead to an outright drop.

Niger closes airspace causing flight chaos.

The military coup affecting Niger has caused aviation chaos as the country’s airspace was suddenly closed on Sunday. After the Ecowas regional bloc threatened intervention to restore Mohamad Bazoum as leader the ruling junta closed the vast country to overflying aircraft. With airspace over Sudan and Libya also closed the addition of Niger means there is now a 2600-mile block to north-south flights across Africa. If Mali and Burkina Faso were to follow there would be the possibility of sub-Saharan Africa being completely cut off.

Lucid losses per vehicle decrease but still above $500,000.

The EV car maker showed revenue at $150.9mln, lower than estimates with losses per share at 40c, again worse than estimates. The company pledges to reach its 10,000 target this year but will need to work on its losses per vehicle which currently stands at $554,000 for every car delivered. Stock rose 3% after hours.

Zoom orders staff back to the office.

The video calling app synonymous with remote working during the pandemic has ordered staff back to work. The company, which has 8000 employees, is the latest employer to sour over fully remote work.

The irony may not be lost on many, however, the stock trades down over 80% from its pandemic highs.