Production of electronics and computers fell short ofexpectations in Q2. The biggest shortfall came from theUS, where production has been held back by the strongdollar, but high-tech production was also extremely weakacross much of Asia. Chinese production was surprisinglyrobust in Q2, although there are signs that domesticdemand for electronic goods may have started to slow.We have once again downgraded our global growthforecast in 2015 to 2¾%, from 4% in our last update.