Data from the JPMorgan Global Manufacturing PMI is showing two important trends emerging in recent times. Firstly, it is that the great global rebalancing is taking effect, with manufacturing and services growth beginning to shift back the advanced economies of the west away from Asia. Manufacturing growth grew in the US, UK and even the Eurozone, whilst it contracted in most countries in Asia, led by China. It was a similar story in services, with the US accounting for the majority of services growth in the global economy. Factors including the currency wars, austerity, housing and export growth in Europe and the USA have contributed to positive result, with the next stage being the exit of stimulus without precipitating a large reversal. (VIEW LINK)
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