The US is experiencing surprisingly robust growth despite interest rate hikes and a frail global economy. On the other hand, Europe’s economy continues to weaken, evidenced by a renewed decline in the Purchasing Managers’ Index for the industrial and services sectors. However, the greatest uncertainty is currently emanating from China. Its export engine has begun to sputter due to a cooling global economy, coupled with several home-grown and structural burdens.
Read more in the Macroeconomic Comment by Peter von Elten.