Bankinter | CPI (July): +0.0% year-on-year versus -0.1% expected versus +0.1% previously. Bankinter analysis team’s view: prices remain positive for the second consecutive month. The underlying rate reached +0.8% compared to +0.7% previously. It seems that the government measures to moderate excessive competition in some sectors are beginning to have some effect, despite the fact that industrial prices continue to exert downward pressure (-3.6% year-on-year in July compared to -3.3%…

Link Securities | Dollar-denominated exports rose 7.2% year-on-year in China in July, beating the Reuters consensus of 5.4% and following 5.8% growth in June. Bloomberg highlighted that the resilience of Chinese exports came despite US tariffs, indicating strong global demand and exports remaining a key factor in the economy. Imports rose 4.1% year-on-year in July, contrasting with the expected 1.0% decline and accelerating growth from 1.1% in June. Imports, growing…

Bankinter | The Caixin manufacturing PMI returns to economic contraction territory (<50 points) after falling to 49.5 points in July (versus 50.4 expected and 50.4 previously). Bankinter analysis team view: The decline in activity reflects the loss of momentum in global trade due to the trade war and weak domestic demand in China. The manufacturing PMI has been in expansionary territory continuously from October 2024 to April 2025, but everything…