Japan's gross domestic product (GDP) on Wednesday showed an annualized contraction of 6.8 percent on-year in the second quarter; while in the U.S., July retail sales data were flat, the weakest reading since January.
And, in the euro zone, Germany's economy contracted in the second quarter, while France's stagnated, data Thursday showed.
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"[The recovery] is not as healthy as perhaps the individual countries thought three to six months ago," Jerram said. It presents a dilemma for markets, as U.S. interest rate hikes get closer even as policy moves in other markets are pushed back, he said. Bank of Singapore is sticking with its call for the U.S. Federal Reserve to hike rates in the second quarter of next year.
"That's probably the hardest calculation to make," Jerram said. "Our general sense is that Korean rates matter to Korea, Australian rates matter to Australia, but U.S. rates matter to everyone."
Others expect the poor data will just kick the tightening can further down the road, rather than create an interest rate dichotomy.
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"The big question this year has been when will the Fed start to raise rates. The run of soft data we're seeing globally and in the U.S. just tells us that's a fair way away," said Shane Oliver, head of investment strategy at AMP Capital.
To be sure, not everyone expects the interest rate scales have shifted much.