The economic data published in April illustrated the contradictions of the current environment, which remains buoyant in the short term, but whose medium-term outlook is becoming more clouded.

While the war in Ukraine is gradually turning into a confrontation between Russia and the West, in which hydrocarbon deliveries are becoming a strategic issue, the leading indicators showed solid optimism on the pace of activity, at around 55 in Europe and the US, largely in expansionary territory.