European and Japanese activity indicators improved further in June. However, stronger activity in these economies is being offset by a loss of momentum in the US and a significant slowdown in China, where the authorities have signalled that they are willing to restrict credit in order to reduce financial risks in the economy. Meanwhile, households in most advanced economies have become more optimistic in recent months, judging by the latest consumer confidence surveys. This should support a gradual recovery in the coming year or so.
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