Cooling Inflation, Diverging Growth

Over the past few weeks, global financial markets have taken comfort from cooling inflation, resilient earnings and continued upside surprises in the dataflow. More recently, however, geopolitical developments have injected a note of caution, even as the macro backdrop remains broadly supportive. In our charts this week we focus on:

• Global growth conditions
• Supply chain pressures and inflation
• Interest rate expectations
• Venezuela and oil
• China's excess capacity
• Public sector intebtedness