U.S. equities are moderately higher
U.S. equities are moderately higher in pre-market trade after another round of gains in Asia and modest increases in Europe. U.S. import prices sank, while export prices rose. A rash of banking results from JPM, Wells and Citi were also digested after coming in mostly firmer for the quarter (ex-Wells). The China trade surplus hit a fresh record in June, which is unlikely to cool the trade war rhetoric much, which continues to linger over the markets. Trump called out the latest UK Brexit plan and PM May as potentially killing a UK-US bilateral trade deal and criticized Europe's immigration woes. Major U.S. indices are relatively flat, with the Dow +11-points, S&P underwater and NASDAQ flat ahead of the bell. Europe is 0.3-0.4% firmer on the majors, while in Asia the Nikkei surged 1.8% (spurred by yen weakness) and China's CSI 300 was 0.33% higher. AT&T sank 1.3% after the Justice Department planned to appeal a ruling in favor of its merger with Time Warner. J&J sank 2.5% after ordered to compensate talc victims $4.7 B. On deck next are U. Michigan sentiment and the Fed's Monetary Policy Report.