That's all we needed!

Edito After the return of the trade war and a scenario of a no-deal Brexit exit strengthened by the recent political developments, as Boris Johnson yesterday confirmed his status as the clear favourite to succeed Theresa May, the renewed tensions between the United States and Iran completed the wide range of risks weighing on global growth. The latest leading indicators in China, with underperformance by industrial production in May and by investment since the start of the year, highlight the effects of the trade tensions on economic activity. While foreign trade will clearly remain listless, growth will be highly dependent on domestic demand. A significant and protracted rise in oil prices would without doubt contribute to a further weakening. Given the increased risk of a deterioration in the outlook, central banker statements (Mario Draghi statement in Sintra , FOMC, BoE) will grab the attention.