Global trade activity continued to contract in September. CPB World Monitor data shows export activity fell by 1.4% year over year from a 1.0% slide in August, led by a 2.8% drop in exports from China and a 3.3% decrease in exports from emerging Asia ex-China. That shouldn’t be a surprise given Panjiva’s analysis of 37 countries’ reports for September already showed a 2.9% year over year slip in global exports. The outlook for October isn’t much better. The latest IFO export survey of German managers shows a net 1.7% expect a decline in orders, while INSEE’s survey of French managers ind...