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In recent weeks, we have noticed some weaknesses, both in the United States and in China. The ISM manufacturing, for instance, came out below 50 (48.6) for the first time since November 2012. Nevertheless, the services sector remains, at 55.9, well oriented, with both new orders and employment showing strong progression. Indeed, the US economy seems quite solid despite lacklustre manufacturing activity, with around 213,000 job creations each month over the past six months. Meanwhile, the Eurozone is holding up well, with a PMI composite of 54.2, and expansion in both the manufacturing and the services sectors. Also, economic figures remain clearly supportive, as economic surprises remain positive for the region.
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