Divergences in the path of activity and the virus this quarter notwithstanding,we have maintained a view that the global economy will accelerate sharplyduring March/April and signal the start of a period of remarkably strong globalgrowth. The latest news flow bolsters our confidence, as it suggests liftoffthis month. Notable in this regard is the incoming news from global industry.Asian export readings show sustained buoyancy and available March businesssurveys have exceeded our already upbeat views. Notably, the DM manufacturingflash PMI rose 3.6pts in March to 59.6, its highest reading in over adecade. Most surprising was the leadership of the Euro area, which postedoutput and new orders readings well above 60, its best survey result in twodecades.