The data flow out of developed markets, particularly in terms of Europe and the US, has become more patchy in recent weeks. There is of course a risk that some of this weakness spills over into Asia but at this stage it seems we would need to see quite a deterioration to generate renewed fears surrounding the global economic outlook. According to the team, “If anything, a modest deterioration in data momentum out of Europe and the US may reaffirm Asia in a positive light from a relative growth and capital flow perspective.”
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