June business surveys point to steady Q2 growth

Final manufacturing surveys for June, published by Markit today, do not alter our view that global growth recovered in Q2. Admittedly, the global manufacturing PMI edged back down to 51.0, but on past form this is still consistent with world GDP growth of around 3.0%. The Q2 recovery should be led by a sharp rebound from weather-related weakness in the US and some pick-up in China.

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