The Big 8 (US, UK, Euro zone, China, Japan, Russia, Brazil, India) average manufacturing PMI rose again in February. It is till below, just, the 50% "recession line", but its rise is nevertheless clear. I expect it to cross 50% this month, which will signal the beginning of the global manufacturing business cycle. (Services are already rising, but we won't have the final services PMIs for another few days)
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