Chinese exports post their biggest decline since the onset of the pandemic, plunging more than 14% in July while imports also come in much worse than expected. Wall Street snaps back with the Nasdaq and the S&P 500 ending four-day losing streaks as hopes for a soft landing take hold. And the Bank of England's Chief Economist warns food price inflation will only fall as far as 10% this year, as a fresh survey shows U.K. retail sales at their lowest level in 11 months.

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