Global trade activity volumes measured by the CPB World Monitor fell 0.4% year over year in May, led by a 1.2% drop in average import activity. There’s worse to come in June with 17 out of 20 countries which have reported export data showing a downturn with a weighted average slide of 5.1% year over year from 2.0% in May. That included a 1.3% slip in China and a 3.7% drop in the U.S. Aside from the trade war concerns about Brexit are clearly weighing on sentiment in Europe too. The German IFO export expectations survey recorded its worst result since Jul. 2009 while French expec...