The International Monetary Fund has lowered its global growth forecast for 2013. In its latest World Economic Outlook, it says that global growth will be 3.1 percent this year, less than its forecast in April.
It notes that while old risks to global growth prospects remain, new risks have emerged, including the possibility of a longer growth slowdown in emerging market economies.
Indeed, a report in China on Tuesday showed that consumer price inflation accelerated to 2.7 percent in June from 2.1 percent in May. However, producer prices fell 2.7 percent in June from a year ago, its 16th consecutive month of year-on-year decline.
And in a reminder that old risks indeed remain, Standard & Poor's cut Italy's sovereign credit rating on Tuesday to BBB from BBB-plus and left its outlook on negative.
Meanwhile, there were mixed economic reports from the UK on Tuesday.
The National Institute of Economic and Social Research reported that it estimates that the UK economy grew 0.6 percent in the second quarter, double the growth rate in the first quarter.
The report came just after the Office for National Statistics reported that UK manufacturing output shrank 0.8 percent in May. A 4.9 percent jump in oil and gas output, however, left overall industrial production unchanged from the previous month.
Another report on Tuesday showed that the UK goods trade deficit grew to 8.491 billion pounds in May from 8.430 billion pounds in April. Over the three months to May, total exports were up 1.9 percent while imports were up 2.3 percent.
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