The US and euro-zone economies have diverged further in the past few months, as growth in the single currency area has stalled but the US recovery has stepped up a gear. Moreover, the gap between the inflation rates in the two economies has also widened. Activity has been disappointing in several other major economies. Japan’s GDP has not rebounded as strongly as many hoped from its contraction in Q2, and growth in China is still below par. On the other hand, the UK recovery still has plenty of momentum.
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