Further weakness in China, but some respite for euro-zone

The so-called “flash” PMIs for the US, euro-zone and China – economies which together account for nearly half of world GDP – give us an early indication of how the global economy is performing in June. These surveys, which were published by Markit today, suggest that the conditions have improved a bit in the euro-zone, but that activity has slowed in China. This is consistent with our recent decisions to revise our growth forecasts up for the euro-zone and down for China.