The ANZ Global Lead Index (GLI) in July slipped to its lowest level since late 2016 as momentum has slowed notably since the end of last year, notes the research team at ANZ.
Key Quotes
“The index appears to be heading back toward trend/normal from well above normal.”
“The ANZ Growth Trackers highlight a divergence between EM and advanced economies, with the latter tracking above and the former below trend. Above-trend growth in the advanced economies is consistent with central banks in those economies directing their policies very gradually toward normalisation.”
“Headline inflation is above central bank targets owing largely to higher energy prices. For most though core inflation is well below target and is consistent with central banks maintaining and accommodative policy stance.”
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