Saxo Bank thinks a slowdown in credit growth is bad news
IF THERE is a consensus at the moment, it is that the global economy is finally managing a synchronised recovery. The purchasing managers' index for global manufacturing is at its highest level for six years; copper, the metal often seen as the most sensitive to global conditions, is up by a quarter since May.
![20170916_woc638_0.png?width=450](https://cdn.static-economist.com/sites/default/files/images/2017/09/blogs/buttonwood-s-notebook/20170916_woc638_0.png?width=450)
This call for a significant slowdown coincides with several facts: the ECB’s QE programme will conclude by end-2017 and will at best be scaled down by €10 billion per