US DATA: July trade bal is -$42.8b (vs -$49.8b June) as imports
-$4.2b and exports +$2.8b to their highest since Aug08 in a perfect
combination. Imports incl -$1.9b consumer goods (gem diamonds, pharma,
TV’s, and toys fell), -$0.7b autos, and -$0.9b oil-related. Exports gain
was centered in +$1.4b civ aircraft, but oil, gold, and machinery also
gained. Non-oil exports were $100.9b, their best since Sept08. July’s
oil deficit was -$20.9b, the lowest since Nov09’s -$19.9b. Crude oil
imports were little changed in quantity, but the avg price fell 35c or
0.5% to $72.09. The real trade bal stands only slightly narrower than
the Q2 avg, suggesting only a minor lift to GDP. NSA bal with China
-$2.59b vs -$26.2b in June, with Japan -$4.95b vs -$5.2b, with OPEC -$8b
vs -$8.9b.