m/r?q=9!nsBXZBz4m4EwYdl23jdta&e=am=nda.ens%40baml.com&h=YKU8fQ> (s=e chart below). Both the developed markets (DMcycle=/span>) and emerging markets (GEMcycle) components individually shifted into positive territory as well. Furthermo=e PM's for the Euro area (ex-UK) and US remain very much =n expansionary