One key feature of the last 15 months has been the consistent declines in the global manufacturing PMI. After peaking in December 2017, the global manufacturing PMI has undergone a major slowdown, and that was a key driver behind the weakness in global markets last year (and a reflection of stimulus withdrawal).
But as the chart below from the latest Weekly Macro Themes report shows, this global growth slowdown could soon be over...
The chart shows the return differential between global consumer discretionaries and consumer staples against the global PMI. As you can see there