Introduction: We believe that global economy especially Chinese & European economy might be entering another phase of low growth environment. Even US growth at best will be barely anaemic considering the weakening consumer demand recently seen in US retail sales data. European PMIs have started coming lower than market estimates in the June provisional numbers. Even Chinese growth looks faltering in the absence of any solid stimulus program.
Combined that with Brazil’s rebound from a stunning collapse in oil production promises to complicate OPEC efforts to micromanage global supplies and prices.
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