China PMI Export Order in June slipped to 46.4, denting hopes of a restocking led rebound in export cargo volumes with deeper declines expected. US retail data remains weak especially for home improvement retailers with inventory levels remaining elevated (Home Depot and Lowe’s). The main US grocery/department stores still struggle with high inventory levels, especially for Walmart whose inventory to sales ratio remain above its historical levels. Nike’s sales grew 5% YoY for the 3-month ended