SPEU - International Economic Week In Review 4/27-5/1
Investment thesis: Most of the markets are still far too speculative to make any kind of investment. We're starting to get the economic reports about the severity of the damage and its severe. However, the China and Brazil trades from last week are still attractive for now.
The latest Markit PMI for China shows a modest contraction in manufacturing (emphasis added):
The headline seasonally adjusted Purchasing Managers’ Index™ (PMI™)–a composite indicator designed to provide a single-figure snapshot of operating conditions in the manufacturing economy –slipped from 50.1 in March to 49.4 in April, to indicate