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The Baltic Dry Index, which tracks rates for ships ferrying dry bulk commodities, fell from 1,565 to 1,464 in the second half of August, signaling a slowdown in the global economic recovery.

“The Baltic Dry Index shows the weaker level of trade improvement and continued overcapacity in shipping,” Daniel Lacalle, Chief Economist and Investment Officer at Tressis Gestión, a Madrid-based asset management company, tweeted Wednesday. 

However, despite signs of recovery losing momentum, the MSCI World index of stocks in developed nations jumped 6.6% in August. That’s the sharpest rally for August since 1986, according to Financial Times. 

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