Not the start of the decline of globalisation – just of China's dominance
Determined to have his FDR moment, Joe Biden’s latest policy seems likely to have put ...
More bad news, economically speaking. Chinese manufacturing output is contracting at a faster rate this month, with a PMI of 48.3. The news is particularly bad for the eurozone, according to economists, as the index “is a reminder that a strong eurozone export recovery is unlikely”. “Any further recovery later in the year is likely to be very slow and bumpy.” However a Europe PMI showed a rise to 48.9 in May. Meanwhile, in the UK, small and medium-sized firms reported than export orders have fallen to their lowest level since January 2010, while stockpiles of finished products are at their highest levels since October 2011.
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