At the turn of the year, leading indicators across the world’s main economic blocs improved, a development that points to an acceleration in the global economy in the near term.

The strengthening in confidence indicators worldwide is all the more significant as it comes at a time when globalisation is stalling amid rising protectionist and populist pressures.

Thus, the global manufacturing PMI rose by 0.6 points month-on-month to 52.7 in December (the highest since February 2014), while new orders increased by 0.7 points m/m, pointing to faster output in the near term.

Meanwhile, in services the PMI (compiled by Markit Economics and JP Morgan) was unchanged at 53.3 in December, matching the highest since autumn 2015.

Against this backdrop, the global Composite PMI edged up from 53.3 in November to 53.4 in December, the highest since November 2015.

By region, in the United States there has been a strong improvement in consumer confidence and in the small-business environment (both recently hit their highest levels since 2004), a backdrop that points to stronger private consumption and a near-term revival in capital spending.

At the same time, in the Eurozone confidence indicators have consolidated around their highest since 2011, underscoring the region’s resilience to mounting challenges (including Brexit, terrorism and migration), underpinned by the European Central Bank’s monetary policy.

Also, in China the Composite PMI (manufacturing and services) increased by 0.6 points m/m to 53.5 in December, the highest since January 2013.