Greetings,
The United States: Economists question the US’ ability to ramp up exports to China to the levels that are in the “interim” deal. China (supposedly) agreed to buy $200 billion of US goods over the next two years above what it imported in 2017 (see story). This seems implausible.
China: According to the World Economics SMI report, China’s factory activity contracted in December.
Emerging Markets: Growth in most EM economies slowed in recent years.
Equities: Historically, defensive stocks (those with the lowest beta), have better risk-adjusted returns than higher-beta stocks.
Credit: Corporate loan demand has been slowing this year.
Global Developments: Fund managers expect a rebound in corporate profits, which signals a recovery in manufacturing PMI.
Food for Thought: How are US consumers paying for their purchases during the holidays?
Edited by Devon Lall
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