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Editor's Note: Below is a brief excerpt and chart from today's Early Look written by Senior Macro Analyst Darius Dale. Click here to learn more about the Early Look.

CHART OF THE DAY: Europe + China = Caution - z331

When you take a step back and analyze the global economy in the context of the aforementioned headwinds, it’s no wonder the JPM Global Manufacturing PMI hit a new cycle-low of 49.4 in JUN – the second straight month of contraction and also the same level that China’s official PMI recorded last month. 

As of JUN, 69% of the 35 economies we’ve received Manufacturing PMI data for thus far exhibited trending deceleration basis, up from the 62% recorded in MAY

  • Accelerating Sequentially: Australia (52), Brazil (51), France (51.9), Germany (45), Philippines (51.3), South Africa (46.2), Turkey (47.9)
  • Unchanged: China (49.4)
  • Decelerating Sequentially: Austria (47.5), Czech Republic (45.9), Denmark (45), Emerging Markets (49.9), Eurozone (47.6), Greece (52.4), Hungary (54.4), India (52.1), Indonesia (50.6), Ireland (49.8), Italy (48.4), Japan (49.3), Malaysia (47.8), Mexico (49.2), Netherlands (50.7), Norway (51.9), Poland (48.4), Russia (48.6), South Korea (47.5), Spain (47.9), Sweden (52), Switzerland (47.7), Taiwan (45.5), Thailand (50.6), UK (48), US (51.7), World (49.4) 

CHART OF THE DAY: Europe + China = Caution - Will Those 1s Stay 1s Or Become 4s In Europe And China