Greetings,
The United States: Intermodal railcar loadings point to persistent weakness in industrial production.
The Eurozone: The market is increasingly pricing in lower policy rates from the ECB. Are investors too dovish?
Equities: The US – Mexico manufacturing supply chains are highly integrated, with two-thirds of US imports taking place intra-company (between factories owned by the same firm). Some manufactured items cross the border more than once, which will become cost-prohibitive. Moreover, Mexico may retaliate.
Stock futures retreated after the announcement.
Emerging Markets: The Chilean peso continues to retreat amid weak copper prices.
Global Developments: The ‘full-blown’ trade war will trigger a global recession.
Food for Thought: Discount stores vs. department stores:
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Edited by Joseph N Cohen
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