This week we look at the following charts and themes:

1. Global PMI vs Bond Yields - the composite manufacturing PMI is pointing to a possible move lower in bond yields.
2. Developed Market PMIs - gone from synchronized strength in 2017 to asynchronous apathy in 2018.
3. Global trade growth (EM vs DM) - EM growth is accelerating whereas DM growth is softening. #divergence
4. Global equities death cross - the main global equity benchmark (ACWI) has put in a death cross (bear market warning sign), and now 80% of countries have seen this signal triggered.
5. US Margin Debt warning sign - this risk management indicator is starting to light up, so caution is advised.

Video Length: 00:12:53