Momentum is shifting across global markets, but the story isn’t the same everywhere. The Eurozone’s manufacturing sector is showing signs of stability, but job losses and weak consumer demand are keeping optimism in check. China’s economic activity is picking up, yet rising trade tensions with the U.S. could create new headwinds. Meanwhile, global trade and industrial output are running at their fastest pace in two years, but the U.S. faces stagnant manufacturing and fresh tariff risks. Here’s what’s moving markets this week.