Chart 103

Outstanding debt in Chinese non-financial sectors has grown rapidly during the last decade with most growth in the corporate sector. In the US, total outstanding debt has been stagnant, but public debt has grown rapidly, while households have reduced theirs.

Chart 102

In the UK, net migration from the EU has almost been cut in half since the Brexit referendum (fewer arriving and more leaving), hitting public and private service industries particularly hard. Non-European immigration has increased.

Chart 99

Global trade (in volumes) has weakened substantially in the last months, but it comes on the back of a strong run. With increasing trade skirmishes – also affecting corporate behavior – trade is likely to remain weak

Chart 98

US auto sales remain strong, but with all of the increase is in SUVs/trucks; car sales continue to decline. SUVs/trucks have higher profit margins – and domestic production has been protected by 25% tariffs since 1964. Reciprocal trade?

Chart 97

PMIs have generally picked up in June compared to May. For euro area, it is the more domestic service sector (and construction) seeing improvement, while manufacturing remains under pressure. Trade disputes and possible weaker final demand are weighting on confidence