Yesterday's data on US growth on face value was "pretty strong" at 3.1% but "if you drill down its a case of unsound quality as opposed to quantity" is that imports declined and the concern that it's based mainly on stockpiling. Consumption was at its lowest level for over a year, she points out.

This side of the Atlantic too "the weakness we're seeing in Germany is a proxy for slower global growth" because the German economy is so open and as a result is so exposed to any weakness in China.