The figures continue the recent run of reports suggesting that underlying inflationary pressures remain muted. They suggest the bank does have room to cut rates if growth disappoints going forward.

With UK growth remaining weak and below trend, and with inflationary pressures easing, we urge the (Bank of England's) monetary policy committee to consider an early interest rate cut.

Inflationary pressures are starting to percolate --and the Federal Reserve is going to react to this,

Taken together with the buoyancy of the service sector, the manufacturing figures leave us on track for trend GDP growth, or even slightly better, going into this year, which is consistent with the MPC keeping interest rates on hold.

Japan hasn't seen much recovery in housing. But inflationary pressures in Japan could be very positive for properties.

There is a bit of speculation that Mr Jiang has been pushed aside, as there are certain subtle pressures suggesting that he should step down.