Global | Continued soft landing with differentiations across the three large economies

Lower prospects for global growth with mixed data across regions in 3Q18, as the US keeps outperforming while quarterly figures disappoint in China and the EZ. Global trade remains solid, but partly reflects the frontloading of Chinese exports to avoid further tariffs early next year. Our BBVA-GAIN model suggests growth will keep adjusting in 4Q18 to around 0.9% q/q.

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