CHART OF THE DAY: The Caveat In The Data

More than half of the global macro data points we are tracking slowed versus last month.

To highlight the most important…

• Eurozone Construction Output was down -3.7% Y/Y to close the year, confirming all things EZ high-frequency macro already knew. 

• Meanwhile, in global canary news, Taiwan exports cratered -12.9% Y/Y to start the year

• The tanking in Japan Machine Orders continued to the dissonant tune of -35.6% Y/Y.  

Suffice to say, neither measure is heralding an inflection in Global Activity, Trade Volume or Industrial Production … and also carries the obligatory caveat that this represents January data and thus reflects only a partial capturing of the coronavirus impact.