Via UBS:
We expect a recovery in 2020 but a much weaker one than consensus
Things will get worse before they get better. Assuming any Phase One US-China deal is limited (no tariff roll-back), the existing tariffs should continue to work their way into the data and create an air-pocket in US growth in H1-20` (we are 60bp below consensus on the US, 20bp on China and 30bp on global GDP growth).