Concerns that a hard landing in China may tip the world into a fresh recession look increasingly wide of the mark. The latest business surveys and credit data suggest that China itself may be regaining some momentum. In the US, the strong dollar and low oil price are taking a toll on industrial production but the rest of the economy is doing well. Growth is also likely to pick up in the UK in the fourth quarter and even the recovery in the euro-zone has maintained its pace, for now. Global business surveys for October have edged up a bit and point to continued steady growth.
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