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【HSBC Investment Monthly】Proactive policy action

Summary

 

Macro Outlook

  • Global growth continues to face headwinds from a downturn in the industrial cycle and uncertainty related to trade tensions. Nevertheless, the trend in the global Nowcast remains broadly stable at around 2%
  • US growth remains robust but is likely to moderate. A marked fall in some business surveys of late has increased market concerns over a sharp slowdown, but we do not expect US growth to drop materially below trend
  • Growth elsewhere is already below trend, although our Nowcast for China has risen gradually over recent months, consistent with improved credit dynamics. Europe remains the main underperformer
  • The unbalanced nature of growth leaves the global economy vulnerable to negative shocks. However, policy makers are now making a concerted effort to limit the risk of a further sharp slowdown

 

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