It’s PMI week and here are the major markets. The US ISM was a little disappointing but still rebounded a little from the winter slump:
The Eurozone recovery appears to be slowing with Germany leading the way:
China, we know, is stalled:
Japan is coming off fast:
Our other North Asian customers are weakish. South Korea:
And Taiwan:
The net global result is a sharp slowing in Q1, but still reasonable growth, from Capital Economics:
My guess is we go sideways from here as the US bounce continues but North Asia and Europe struggle on.
As a quick aside, only three countries in the known universe currently have contracting manufacturing sectors. Russia, as war bites. Greece, as its currency woes hurt, and Australia, which is contracting the fastest, where we don’t need it.
