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The Glass Is Half-Full
Markets continued higher in spite of signs of a slowdown and persistent Brexit-related risks. Signs of an economic slowdown began to take shape both in China and the US. The Fed’s Beige Book said the US was losing steam but also pointed to moderate growth in some regions. The report said the outlook was generally less optimistic because of equity market falls, higher benchmark rates and trade uncertainties. It added that growth in the manufacturing and energy sectors was tapering off in most regions. The shutdown, already the longest ever, only adds to these concerns. Business conditions in China continued to worsen while growth forecasts are generally shrinking. 12 out of 31 provinces have already released expectations and 8 have reduced growth prospects.
