Adding to worries today, China released disappointing trade data. Its imports dropped 12.4% year-on-year in July, which is much worse than the 5% expected by economists and is another sign of weakening domestic demand.

This weighed on mining stocks, especially Glencore, which just announced that profits halved in the first half of the year.

Meanwhile, Asset manager Abrdn tumbled 9.2% after it reported a drop in its assets under management.

Things to read today:

Chinese exports suffer worst fall since start of pandemic (Financial Times)

Italy Surprises Markets With Tax on ‘Extra’ Profits of Banks