Preliminary business surveys suggest that the recovery of global manufacturing continued in April. Activity in the euro-zone has picked up, but this has not eliminated the threat of deflation. Growth...

The rebound in lending to non-financial companies in the US supports our view that the recovery there is gathering momentum. It also contrasts with still-lacklustre credit growth in Japan and with...

The swing in Japan’s trade balance from large surpluses to large deficits is back in the news after the March data (released yesterday) confirmed a record shortfall in the fiscal year just ended...

The fiscal drag in advanced economies is fading more rapidly than previously anticipated. This should provide some support for the global recovery both this year and next. However, the longer-term...