Greetings,
The United States: China is stalling on the “interim” trade agreement because Bejing feels that it has some leverage at this point. (PMI stands for Purchasing Managers Index which measures the general direction of a sector through surveys of purchasing managers)
How much of the decline in the US labor share was due to trade with China?
The Eurozone: Germany’s domestic demand has weakened.
In addition, Germany’s energy production has slumped.
China: According to Oxford Economics, there is limited evidence of large-scale Chinese reorientation of exports to other markets. Chinese exports outside the US are growing slowly, only slightly above the weak pace of total world trade growth.
Emerging Markets: Investors have been rotating out of EM debt.
Credit: Delinquencies on lower-rated consumer debt held by asset-backed securities (ABS) have been elevated relative to previous years.
Global Developments: Export-focused sectors are most vulnerable to further global industrial weakness, according to Oxford Economics.
Food for Thought: The average number of times a new garment is worn:
Edited by Devon Lall
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