Another look at the world PMI

This chart shows a weighted average of the US (ISM/PMI blend), China (Official plus Caixin PMI blend), Europe and Japan PMIs.  Quite a sharp pullback.  And prelims for June (France, Germany, Europe, US) also down (not in chart, so next obs likely to be another downtick).  The weighted average for these countries/regions closely tracks the world PMI.   We're not going to see another 2008/09, but we're very likely to see another 2012.  Risks are high.