The global economy is in a tricky spot. Its two biggest players, the U.S. and China, are engaged in an on‑again, off‑again trade war that is slowing growth in both economies, aided by the lingering impact of past policy tightening. The latest U.S. purchasing managers’ index data were arguably the worst in 10 years (due to the softness in confidence and new orders), and growth in the eurozone has been sluggish for 18 months.
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