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By Mark DOWDING, CIO at BlueBay Asset Management
Markets hover on the cusp of negative dip or a positivity uptrend…depending on the data.
Over the past few weeks, global yields have tracked higher on hopes that the worst of the slowdown, led by the global manufacturing sector, is now behind us as the Chinese growth outlook stabilises and trade tensions start to abate. However, this week’s poor China PMI print at 49.3 came as a reminder that economic activity is yet to turn upwards, even if the backdrop has stopped getting much worse. In this context, it will be interesting to see whether forward-looking data in Europe or the US fares much better over the course of the next few days. The US Q3 GDP print came in above expectations at 1.9%...
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