Macro Weekly – Industrial downturn deepens

A string of data around the world related to exports and industry weakened further The past tightening of financial conditions combined with uncertainty related to trade policy is probably still feeding through Some of these forces are turning for the better, but not yet sufficiently so to be a strong tailwind The good news comes in the shape of signs of resilience of domestic demand in a number of key economies On balance, we expect the global economy to regain some traction later in the year, but a strong rebound, as we saw in 2016-17, is unlikely