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Stock markets stuttered Tuesday on renewed concerns that the Federal Reserve will hike rates again, while another weak batch of trade data compounded worries about the struggling Chinese economy.
China: Foreign trade data for July was dire reading for the global economy as well as the Chinese domestic economy. Exports declined 14.5% y/y - the biggest decline since the pandemic in 2020 - in a sign of slower external demand. Imports plunged 12.4% y/y raising concerns about weaker domestic demand.