• While economic activity is cooling off in the United States (US), that in the euro area (EA) and the United Kingdom (UK) seems on track
  
• Manufacturing activity is in the contraction mode in China
  
• International oil prices have risen sharply on-month
  

Even as global growth seems to be on track, regional dynamics remain volatile owing to the delta variant. In its latest October report, S&P Global states consumer confidence has declined in economies where the delta variant has surged, i.e., the US and Southeast Asia. However, the pace of activity has remained strong in Europe where the spread has been contained. It has accordingly revised its regional growth forecasts for 2021, but the global growth forecast remains broadly unchanged at 5.8%.