Another day of prices doing just fine in China and London, only to be beaten lower on Comex. The culprit/cover today was a better-than-expected report on retail sales in June. This spiked the POSX and led to an immediate drop in CDG and CDS...drops from which they've yet to recover.
So let's start with that retail sales report. Expectations were pretty low and, as such, the report managed to beat them....at least on the headline level. However and as you know, headlines are all that matters....
