The latest batch of manufacturing surveys suggests that advanced economies continued to do very well in October. As a result, the global manufacturing PMI rose to its highest level since early 2011...

Credit growth has continued to pick up gradually in the euro-zone and Japan, and more strongly in the UK. In the US, the slowdown in growth in lending to the private sector has eased recently.

The world economy looks to have maintained momentum in Q3. We expect another strong quarter to round off the year, and then for global growth to slow only modestly throughout 2018.

We think that financial markets are right to take a relaxed view of the constitutional crisis in Catalonia. The economic fallout for Spain itself should be small, and the risks to the euro-zone are...