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It has been a turbulent end to the summer for financial markets. The renewed market sell-off in China has reverberated across markets globally, as it amplified concerns, following the recent devaluation of the yuan, about the outlook for economic growth in China. We view recent developments on Chinese markets as a sharp correction rather than the start of a long-term bear market. In the meantime, the economic recovery in the US and the euro area continues to gain traction. Recent...

The ISM Manufacturing index continued to fall in August, whereas its Non- Manufacturing ounterpart remained pitched at historically very high levels. Taken together, recent indices point towards economic growth running above 4% in July-August. We continue to expect growth to prove robust in H2 2015. The ISM Manufacturing index fell further in August The ISM Manufacturing survey for August 2015 was published on Tuesday this week. The headline reading dipped further from 52.7 in July to...