The two market-moving stories this morning are banks and China.
Chinese exports were much better than expected, and imports dropped less than expected.
China trade (YOY, in dollars)
Exports: up 11.5 percent
Imports: down 7.6 percent
But this is quoted in dollars. In Asia and especially in China, everyone looks at the data in renminbi terms, and the numbers are quite a bit better.
China trade (YOY, in CNY)
Exports up 18.7 percent
Imports down 1.7 percent
On this, China markets were up strongly. There was a short squeeze in Hong Kong, with markets up there 3.2 percent. The Shanghai Composite rose 1.42 percent, and the Shenzhen was up 1.35 percent.