Global | Slowdown continued in December but a possible recovery in 1Q19 seems likely

Global growth saw a slight sequential pick up in 4Q18 (BBVA-GAIN: 0.8% QoQ), signaling stabilization, but still at weak levels and trending lower. Eurozone and China continue to lose steam, while the US shows early signs of stress. Slowdown led by industry while services remain resilient. The later faces rising risk of spillover effect. Risks remain tilted to the downside.

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