Global PMIs Disappoint

Interesting chart from JP Morgan on the trend of the Global PMI. As you can see from the chart, Industrial Activity has start to slow down at the beginning of 2018 and the trend is not yet finding a floor. The last round of PMIs for March and April were fairly week pretty much everywhere apart from the USA. Commodity Prices are following the trend. Steel in the US is down 19% since the peak of June 2018, Aluminum is down 23% and Copper is down 9% YoY.

Andrea Lisi

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