The manufacturing side is the issue
There was lots of talk about the fall in the global PMI for manufacturing earlier this week but the services side is holding up well. The composite was unchanged at 51.2.
So there is evidence that the global trade war is causing trouble for manufacturing but it hasn't spilled over yet. Will it? I think it has to but it's not really clear to what extent. Some of this manufacturing trouble might be shifting supply lines or unease about China. That might ease after the G20 but we will need more data.
