Global business sentiment towards trade took a turn for the worse in July. The ISM survey of U.S. managers showed an export order expectation result of 50.5%. While positive (over 50% indicates expansion) that was the second worst result since Feb. 2016. Orders are expected to decline across apparel, basic industries and electrical equipment among others. At the same time the CFLP survey in China showed an export order result of 46.3% (under 50% indicates lower orders), the lowest since Nov. 2011. Both surveys – as well as Germany’s IFO which had its worst result since 201...