JP Morgan are encouraged by PMI data from both sides of the Atlantic.
Following April PMIs in the euro area JPM have raised their second quarter (April - June) GDP forecast to 2%, from 1.5% previously.
JPM also on the US PMI's:
- The April flash PMI showed unexpected and broad-based improvement
- suggesting further positive momentum in the US economy ... (and) a more sustained pace of expansion
- tighter monetary and credit conditions do not appear to be significantly slowing activity at this time
