Things are not looking great for the global economy. Let's take a look at the global chip sales first.
The chip sales have started to decline in nominal and percentage values.
The largest economy (Germany) in the EU has a sky-high inflation problem. The PPI-CPI gap is so wide that it is indicating German producers can't earn a decent margin.
France and Germany's PMIs are contracting because of rising prices as consumers cut back their spending.
What about the EU? The EU PMI is also contracting too.
What about the US then?
Well, the S&P Global US Composite and Services PMIs are already in the contraction zones.
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