20th April 2012
The forecast here that the global economy will retain momentum through mid-year is supported by yesterday's US Philadelphia Fed manufacturing survey for April and today's German Ifo poll. The expected new orders balance in the Philadelphia survey – which often leads the national ISM orders reading – remains above average.
German manufacturing expectations, meanwhile, continued to recover in April, reaching a nine-month high. The historical correlation with the Eurozone purchasing managers’ new orders index suggests that the “flash” April PMI survey released on Monday will surprise positively.
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