Whoever emerges the winner in America's presidential election today will have at least one thing in his favour: a global economy looking less fragile than it did just six months ago. A global purchasing managers' index compiled by J.P. Morgan has hooked up in recent months (see the nearby chart), and if previous patterns prevail, industrial production should soon follow. Don't get carried away; this is no runaway rebound. Nonetheless, it's encouraging given the uncertainties that still hang over the global economy.
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