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The mood on Wall Street and in Europe was also edgy until the Bundesbank and the Fed laid to rest, for the moment, the prospect of interest-rate rises.America's trade deficit in goods and services fell by an unexpected 14.5% in June as exports reached a record and imports fell for the first time in eight months, leaving a trade gap of $8.2 billion.
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IT IS an unnerving collection of symptoms: a fast-growing Asian economy with a big public-sector deficit, a widening trade gap and a slumping currency.
Analysts are concerned that a tight labor market, coupled with a weaker dollar and a widening trade gap, could conspire to raise the ghost of inflation.
The wider deficit came as a surprise to economists who had forecast a smaller trade gap because of lower global oil prices.
The truth is that the Tory "recovery" is founded on high personal debt, a consumer bubble, artificially inflated housing assets and a disastrous trade gap – as well as grotesque inequality and destitution.
Surely this would be far better than copying the current Tory policy of building UK prosperity upon a consumerist chimera of high personal debt, artificially inflated housing assets and a disastrous trade gap?
Among the chief culprits was a widening trade gap.
The British Government is anxious to close a huge trade gap with the world's most populous nation.
Revisions to September's data showed a narrower trade gap than previously reported and suggested the contribution from trade was probably slightly bigger.
Much of Germany's second-quarter GDP growth came from trade, even as a wider trade gap sapped America's economy.
While a shrinking trade gap bodes well for fourth-quarter economic output, exports and imports both declined, a sign of some softening in domestic and overseas demand.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com