U.S. Futures bounce back after China fails to announce a retaliation to newest round of tariffs. After President Trump announced a proposal of $200b in additional tariffs, China has reiterated that they want to avoid a trade war and has not announced retaliatory tariffs. In economic data, jobless claims fell to 214k last week from 231k the week prior. On the inflation front, June CPI rose 0.1% m/m or 2.9% y/y. Ex-food and energy CPI rose 0.2% m/m and 2.3% y/y. European shares are higher, with most sectors trading in positive territory. Asian shares closed higher with China markets leading the advance.