Data give signs of global recovery

The global downturn appeared close to a bottom on Wednesday after manufacturing figures from across the world suggested that recession in all big economies was receding. The news comes after nine months of sharp contraction in global manufacturing output and a dramatic plunge in world trade. The June data came from a series of surveys of purchasing managers in the manufacturing sector. Although headline figures were positive only in China, the manufacturing output element of the data was positive in the US, the UK and Japan as well.