U.S. Future are flat after data. The Commerce Department reported June retail sales rose 0.5%, matching expectations. Retail sales strength was boosted by automobile purchases and May numbers were revised higher from 0.8 to 1.3%. In other data, the June Empire State Manufacturing survey came in higher than expected at 22.6, pointing to continued strength in manufacturing. Later this morning, the market will get a look at business inventories from May. European shares are trading lower as earnings season begins. On the data front, the euro zone trade surplus fell to 16.9 billion euros in May. Asian shares closed mostly lower after China reported Q2 GDP growth of 6.7%. China’s GDP growth was in-line with forecast, but below the 6.8% form Q1.