15 to 21 April: There are reasons to be optimistic about global growth

Economic activity data in China for the first quarter of this year came in stronger than the market’s expectations: real GDP growth was 6.4% YoY, maintaining a steady pace compared to the previous quarter. Furthermore, monthly macroeconomic data, such as industrial production growth (+8.5% YoY in March) surprised positively as well, since industrial output expansion hit a new, 4.5-year high. Both activity indicators confirm our longstanding view that global market sentiment has become excessively and unwarranted pessimistic on global growth prospects. The fact that industrial momentum has started to build in China implies – in our view – that the pace of global economic growth and world trade are likely to strengthen going forward. We will receive evidence this week how the US’ economy held up in 1Q19.

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