Over the past couple of months, Chinese data has provided a much-needed shot in the arm for global economic surprise indices. Recent data since March has been on a tear relative to expectations in China. Industrial production, fixed asset investment, and exports are some good examples of recent data that have handily beat. For the global picture, that’s helped push the Global Economic Surprise index off multi-year lows, even if they’re still in negative territory. In other words, even though global economic data has come in weaker than expected over the last few months, things are less bad now than they were earlier this year.
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