Euro leading indicators continue to improve whereas US has softened. Japan is recovering and China shows tentative signs of bottoming.
Looking ahead, we expect further recovery and a rise in PMIs in the euro area as signalled by very strong real money growth and higher ZEW index. In the US, we look for a bottom in ISM soon as PMI points to a slight rebound. In China, we look for stabilisation soon and a gradual recovery in PMIs during Q2.
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