Purchasing managers’ surveys for March suggest the recovery in global manufacturing may be faltering and remains heavily dependent on growth in the US.

Financial markets have staged an impressive rally since late-2011 but world growth has probably not yet accelerated. Looking forward, we expect a gradual recovery in most major economies during the...

Credit growth and lending conditions are improving gradually in the US but are still extremely weak in the euro-zone. This divergence looks likely to continue or widen in the coming months...

The divergence between the performances of the US and the euro-zone economies looks set to widen even further than we had previously expected this year and next.