FUT & freight indicators were substantially up YoY, indicating some relative stimulus in production. Chicago PMI for March showed it. There is a long lead time for capital equipment, employment declines are lessening, and the production and overall index improved sharply from February.
Industrial production in Japan is slowing. Industrial production in the EU sector is mixed, with Spain and Italy weak, but Germany still running relatively strong and France perhaps showing some relative strength. EU inflation is accelerating. The shift everywhere is away from consumer into primary production.