U.S. Outlook: The global economy holds in there
The economic indicators out of the Eurozone and emerging markets have come in somewhat better than expected over the past few weeks.
For more on these developments, see highlights of my report below, followed by a link to the full U.S. Outlook, delivered on August 12.Key observations:
- Composite PMIs that encompass both manufacturing and service businesses point to a pick-up in activity in India and China compared to a year ago.
- Global composite indicators have been slowly improving since last August, pointing to the fact that stabilization of the global economy may have started gathering pace late last year.
- The shock from Brexit may largely be limited to the United Kingdom and some of its major trading partners, and downside risks to the global economy from Brexit continue to diminish.