Developed world growth edges higher

Developed world growth continued to be led by the UK, and the US where a rate hike later this year looks a strong possibility. However, resilient growth in the eurozone and signs of improving demand in Japan also provided positive news for policymakers. 

The PMI for the developed world edged higher to 54.4, up from 54.2 in June, though that's broadly consistent with just 1.5% annual GDP growth. A marked divergence was once again evident however, with robust expansion in the developed world contrasting with stagnation in the emerging markets.