US-China trade tensions remain in the spotlight. Last week, the US administration delayed a 10% levy on Chinese goods until the middle of December and removed products from the current tariff list on health, safety and national-security grounds. This week, Chinese telecommunications firm Huawei is in focus – the licence that allows it to do (limited) business with American companies is set to expire on 19 August. In our view, the US government will probably extend the licence. That said, while President Donald Trump’s position has softened, the two sides are simply muddling through with no definitive resolution in sight. Meanwhile, Russia reports a raft of economic indicators. Retail sales should increase by 1.5% year-on-year in July, up from 1.4% the month before. A relatively strong labour market will likely support consumption – the unemployment rate has fallen in recent months, although it should rise to 4.5% in July, marginally higher than the 4.4% recorded the month before. Real-wage inflation has also improved and should rise to 2.6%, up from 2.3% in June.