In the past several hours, we've received two big negative datapoints indicating the world is slowing.
First, South Korean export data — which is one of Jim O'Neill's favorite datapoints — was very weak.
Then UK PMI just came out, and confirmed that exports were slowing to Europe, Asia, and the US.
This is on top of weak Dallas Fed and Chicago PMI numbers yesterday.
The one exception: A decent showing from the Chinese PMI, which showed orders and exports strong.
We'll known a lot more over the next 24 hours.
US ISM is coming out in a few hours, and then we get the rest of global PMIs starting tonight. The overall temperature of the world's economy will be more clear.
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