Here are a couple of scary charts out of Singapore and China from my institutional research note this morning that are worth sharing broadly to help contextualize what we've been saying for weeks now...
Global industrial recession → US industrial recession → US earnings recession
See those below.
The Global Manufacturing Recession Is Broadening: We’ve been all over this topic since the largely contractionary JUN Manufacturing PMI data began being reported globally last Monday, but it’s important to note that we’re seeing follow-through in the hard data as well:
- Japan MAY Industrial Production ↓ -100bps to -2.1% YoY;
- Eurozone MAY Industrial Production ↓ -10bps to -0.5% YoY;
- Mexico MAY Industrial Production ↓ -40bps to -3.3% YoY;
- India MAY Industrial Production ↓ -30bps to 3.1% YoY; and
- Turkey – the lone holdout – posted an acceleration to DOWN -1.3% YoY – it’s ninth consecutive annual contraction.