JP Morgan Global PMI firm

• JP Morgan’s Global all-industries PMI rose to 48.1 in June from 44.0 in May.
• The Service-sector Global PMI rose to 47.4 in June from 43.2 in May

These are pretty green shoots as far as the reflation trade is concerned but positions had grown so large in anticiaption of a robust emerging markets-led rebound that a shake out was long overdue. Oil is in the midest of that shakeout now while most of the majors are testing the lower end of recent ranges.