Beware of the evident global slowdown. Many will blame alleged trade wars, but data has been poor for months.

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Global Manufacturing PMI New Exports Orders fell for the 5th month in a row to 50.5 (23-month low), suggesting that global trade growth will slow in the coming months.

World stocks in the red, and offshore Chinese yuan slides to 6.6926/$, weakest since August last year. Pace of fall accelerating, now -5% in little over 2 weeks,” h/t @ReutersJamie

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European deleverage as stalled… earnings are slowing down. Winter is coming.


High Yield Risk Is Slowly Rising

(EMEA 5-year CDS)

Look at the actual yield – soaring 50 bps as well to 6.6%! It hasn’t been this high since early Dec. 2016 … when the SPX was 2,200 (gulp). <2/2>

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European banks are closely following earnings downgrades, seem to discount another wave of revisions in 2Q18

h/t dlacalle_IA


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