Bond yields seem to be bottoming out ahead of the Fed’s annual Jackson Hole getaway, though you never know for sure after such an epic rally. The overnight newsflow wasn’t particularly benign. We had South Korean preliminary exports data disappointing, showing a 13% drop on an annual basis. Though the headline figure could have been distorted by the trade spat with the Japanese, the 20% in exports to China speaks volumes here. While Chinese imports, in particularly those from its six biggest trading partners, seemed to be bottoming out at the end of the second quarter, the Korean data this morning suggests things are still going downhill:

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