It seems like all the bad figures have been released today...China, 6 months PMI seems down...From 12 percent, the slowdown is to an estimated 8 percent for current year...Thank God, that's a pretty healthy figure.
Europe, likewise, the Purchasing Managers Index figures again seem a little bit timid...well, what do you expect, in the last six months there was the overhang of the Greek debt crisis, the concerns about the Spanish economy, and so on.
All I would say is, take heart from the fact that China is having a very gentle soft landing, and the figures are pretty good. The Greek crisis seems resolved, and hopefully the Greek economy will start to pick up. Now, with the help of Europe, they can sigh a great sigh of relief and drink the retsina and rejuvenate their economy.
Britain has narrowly avoided technically being in a recession, and with the Olympics and the Queen's Diamond Jubilee celebrations, London will attract record number of visitors this year.
As for India, whose manufacturing index had slid from 6.9 to 4.1 percent last month, the consumers and manufacturers and traders are in a much happier mood with the Reserve Bank's repo rate cut of 0.5 percent last week, followed today by the State Bank of India cutting the auto-loan rate by 75 basis points and the SME loans by 200 basis points.
Last month's U.S. jobs figures were okay, and the high Oil price was to blame. Now the Oil price seems on a corrective downward path, job creation, home purchase, auto-loans and so on could improve.
All in all, the corrective measures now in place will probably lead to a moderate Recovery worldwide, and for that I pray.