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Trade & IP Growth Appear To Have Stabilised At Lacklustre Rates

GLOBAL

The CPB global data for April showed that the deterioration in trade and production growth appears to have stopped in line with the S&P Global PMI. They are now moving sideways with global IP posting slight growth of 1.4% y/y after 0.7% in March. Trade is stagnating falling 0.8% y/y after rising 0.8% y/y. However, it is concerning that both are losing momentum and IP has posted monthly falls for two consecutive months. The May manufacturing global PMI was steady at 49.6 for the third consecutive month, signalling a slight contraction in industrial activity but there shouldn’t be a material deterioration in the months ahead. Services are driving growth with the global services PMI at 55.5.


Global growth

Source: MNI - Market News/Refinitiv/Bloomberg

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