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In the past several hours, we’ve received two big negative datapoints indicating the world is slowing.First, South Korean export data — which is one of Jim O’Neill’s favourite datapoints — was very weak.
Then UK PMI just came out, and confirmed that exports were slowing to Europe, Asia, and the US.
The one exception: A decent showing from the Chinese PMI, which showed orders and exports strong.
We’ll known a lot more over the next 24 hours.
US ISM is coming out in a few hours, and then we get the rest of global PMIs starting tonight. The overall temperature of the world’s economy will be more clear.
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