Global PMIs crater

Things to note include:

  • Inventories to new orders ratio is a great leading indicator for profits. Yuk!
  • The great goods deflation bust has begun.
  • But, it has not yet reached employment so central banks will keep tightening.
  • A global DM recession has begun and a trade shock is now coming to EM as destocking takes hold of the supply chain.

Goldman with a handy wrap.

DM trends:

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