Macro News
Global: In the past 18 months, many investors have been concerned about the sharp fall in manufacturing PMIs around the world with some indexes currently trading at recession levels; for instance, in Germany, the latest (flash) PMI was 41.4 for manufacturing, the lowest reading since September 2009, raising pressure on the government to add more fiscal stimulus. However, as we mentioned it in our previous publications, we think that the reversal in global monetary policy combined with the ease in China credit conditions may stabilize growth in the near to medium term