World GDP growth stalled in Q2 2019 at an estimated +2.4% q/q annualized, marking the third quarter in a row below +3% (a sequence last seen in 2015).

As expected the ECB announced a comprehensive monetary stimulus package at its September meeting consisting of a range of policy instruments including a 10bp cut in the deposit rate to -0.5%

In the second quarter of 2019 the French manufacturing sector defied gravity, growing by +1% y/y despite an output contraction in other key Eurozone economies.

The economy added only +130k jobs in August vs. expectations of +160k, and the prior two months were revised down -20k.

We draw two lessons from the draft 2020 budget presentation by the government. First, it sticks to fiscal discipline on paper, as it aims at a primary fiscal surplus of +0.7% of GDP, after a target of +1% this year.

Ukraine’s Central Bank lowered its key policy interest rate by 50bp to 16.5% last week as it expects continued disinflation.

Tunisia is entering a month full of elections (1st round of presidential elections on 15 September, legislative elections on 6 October and, if needed, a 2nd round of the presidential poll).

Q2 real GDP growth remained stable at +0.5% q/q. However, in y/y terms it fell to +1.4%, the slowest rate since Q3 2009, from +1.7% y/y in Q1 2019 and +2.7% in 2018 as a whole