JPM: "The global economy is losing momentum."
"After an above-trend 3.1% annualized gain last quarter, real global GDP growth is expected to downshift to a below-trend pace of 2.6% in the current quarter, a downward revision of 0.3%-pt since last week. This deceleration owes to a sharp downshift in global industry. Weak April
production releases from the US and China were followed by weak readings across EM Asia. Momentum looks likely to have slipped further in May as large declines in US regional business surveys complement the 3pt drop in the flash Euro area manufacturing PMI."