Weekly economic briefing from Standard Life Investments

http://www.standardlifeinvestments.com/market_views/weekly_economic_briefing/index.html

Global Overview:
Across the globe, activity indicators are pointing up almost universally, but geopolitical tensions are dampening the opportunity for equity market gains.
The US saw a significant rebound in activity in Q2, and revisions to previous estimates suggest that momentum is stronger than previously thought.
An unblemished record for UK activity indicators has been spoiled by a slight hiccup. However, put in context, the recovery remains strong. Meanwhile, data from Europe points to a thawing in credit conditions - a promising sign for the beleaguered region.
Momentum is growing in Asia, with China revising up growth forecasts and regional PMIs recording strong gains. However, does South Korea provide evidence as to how much of this demand is central bank-engineered?
In contrast, June's Japanese industrial production data saw the worst decline since the 2011 tsunami. Manufacturers were not adept at predicting this, raising questions as to how much of their forecasts are based on rosy expectations rather than real activity.