Evolving in line with our views
The global economy has been characterised in recent quarters by impressively strong confidence indicators across an impressively large number of countries, but lagging harder data. As I have expressed here many times before, the range and strength of these confidence indicators is overwhelming and reason enough to be optimistic that the hard data will follow suit. The improvement in global cyclical conditions has been driven by a range of factors. Improving momentum in China, translating into stronger world trade growth has been an important one of them.