You Will Listen While I Talk About That Data From Japan And China

If I were you - and I'm not, or at least I don't think so - I wouldn't read a whole hell of a lot into either the China data or the Japanese GDP data - at least not in isolation. And not because it doesn't matter. It does. But rather because much like the miss on July trade numbers, the Chinese data wasn't as bad as it could have been under the circumstances and we were coming off pretty robust June numbers. China's economy is slowing down. And it's probably going to slow down some more in H2.