A Europe mini bounce

Europe is having a mini bounce.  Note, it's not an increase in the rate of growth, it's a less negative rate of growth.  If you like, it's falling a tad less slowly. 

Will this mini bounce continue?  I'm not sure what levers the ECB and the pollies have to pull.  Interest rates are already zero (German bund yields are negative half a per cent!) and  the European Stability Pact prevents deficit spending by governments.  The Euro has fallen against the US$ over the last year which has provided and will provide some stimulus, but it does rather look as if that's over now, with the Euro rallying, reflecting market perceptions of US cash rate trends versus ECB policies.

However, even if Europe is falling more slowly, the average of the big 3 preliminary PMIs (there's no preliminary PMI for China) and my estimate of their weighted industrial production (through April 2019) clearly suggests that growth for these key economies/economic regions continues to slow.  Not yet as bad as 2015 and 2012, though, but certainly heading that way.  Still, I suspect that the rate of decline, globally, is prolly slowing.  We may be in for a longish spell of low or slightly negative growth.  Unless .... there is an escalation of trade wars, or a real war with Iraq, which would do dreadful things to confidence, in turn feeding into consumption, sales, production and employment.