SFLA - International Economic Week In Review For 2/10-2/14
Investment thesis: the international environment is still dicey. While manufacturing has modestly rebounded over the last six to eight weeks, the coronavirus is straining global supply chains and suppressing consumer activity. While we haven't seen any solid numbers yet, it's safe to assume 1Q20 numbers will take a modest hit. Hold off on any new international moves for now.
The OECD LEIs point to modest, below-trend growth, but with one caveat (emphasis added):
Composite leading indicators ((CLIS)) designed to anticipate turning points in economic activity relative to trend six to nine months ahead, point to