Janus Henderson: Global industrial weakness intensifying as Kitchin

Six-month growth of Chinese industrial output reversed its March spike, confirming that the latter was driven by New Year timing and VAT cut anticipation effects rather than underlying acceleration. US output, meanwhile, posted a shock 0.5% month-on-month fall, with numbers for earlier months revised lower. The six-month decline in output in the US is now on a par with Euroland – see first chart.