Quick Overview

• China today raised required reserve ratio on banks (up 0.5 point to 8.5%) for the second time in 2 months in an attempt to slow bank lending and the economy. That action followed the +11.3% Chinese Q2 GDP report.
  
  

• UK Q2 GDP rose +0.8% QoQ +3.2% YoY.
  
  

• Some 100,000 Italian bondholders will file a lawsuit against Argentina, looking for repayment of $5.5 billion in bonds that defaulted in early 2002
  
  

• Canada's consumer price index was down 0.2% in June -- up 2.5% YoY.
  
  

• The USDA said there were 10.872 million head of cattle on feed on July 1st, up 4.6% YoY -- more than expected. June placements were up 10.3% YoY, and marketing’s were up 5.8%.
  

• The USDA said there were 52.5 million pounds of frozen pork bellies in cold storage on June 30th, down 26% YoY.
  

• Frozen pork totaled 409 million pounds, down 17% YoY.
  

• The USDA said there were 1.105 billion pounds of frozen orange juice concentrate in cold storage on June 30th, down 29% YoY.