Global growth subdued. Last week, Canada, Q1 GDP has printed above 2% thanks to the rebound in oil prices. The loonie is back below 1.30 and should further strengthen on a better oil outlook which is way more positive than a few months ago. In Switzerland, the economy is decelerating, Q1 GDP printed barely positive, and upwards pressures on the Swiss franc is still the SNB’s primary concern. In China, the PMI figures for May came on the soft side, suggesting that the Chinese economy is struggling to gain momentum against the backdrop of weaker global demand and uncertain growth prospects. Moreover, the slowdown of the services sector is raising question regarding the ability of the world’s second largest economy to move towards more value-added production.