Could Q3 be as good as it gets?

Although global growth should be a little faster in the second half of the year than the first, it is unlikely to continue rising in the coming quarters. Admittedly, the US looks set for a sustained expansion, even though the Fed will probably begin raising interest rates in the first quarter of next year. But the euro-zone’s recovery is “weak, fragile and uneven”, in Mr Draghi’s words, and Japan has come out of its second-quarter slump with very little momentum.