In past global slowdowns, the United States invariably led the way out, followed by Europe and the rest of the world. But for the first time, the catalyst is coming from China and the rest of Asia, where resurgent economies are helping the still-shaky West recover from the deepest recession since World War II.
While Roubini warns on oil price increases breaking any potential recovery, we note China's robust growth is causing oil prices to rise.
Core inflation rose 0.2 pct for the month, after rising 0.4 pct in April. But that still left core inflation up 3.0 pct in the past twelve months, matching last month's pace. The last time core inflation over a twelve-month period rose more quickly was December 1991.
Recent comments