Another trade shock for markets on Thursday (August 8) - only, this time, a positive one.
China surprising with its best numbers since March.
Exports were up over 3% year on year in July - economists had pencilled a sharp drop.
It made for a change: still recovering from their recent rout, Europe's main bourses notched up early gains of close to a percent after Wednesday's (August 7) modest rises.
But the events that triggered that rout - U.S. tariffs threats and China's reciprocal currency moves - are still being felt.
And despite the upbeat export numbers, China's imports were over 5% down in a sign of sluggish domestic demand.
(SOUNDBITE) (German) HEAD OF CAPITAL MARKET ANALYSIS AT BAADER BANK, ROBERT HALVER, SAYING: "The trade war will not end any time soon.
The issue will stay with us at least until next year in November when the U.S. election is over so the outlook is not pretty." For German sportswear retailer Adidas, the pain is more local.
Flat sales in its home markets in Europe added to a disappointing Q2 for investors.
Adidas shares were down over 2% in early trade as, unlike rival Puma, it failed to raise its outlook.
That's despite strong sales elsewhere: up 14% in China and 6% in North America, where its Reebok brand has gained in popularity.
The market's other headline also from Germany: Thyssenkrupp issuing a 4th profit warning under its current boss.
Traders, though, say the news was already priced in - shares in the industrial conglomerate rose by over 2%.