Investment thesis: The international environment is, at best, very dicey due to the coronavirus outbreak. China will have weakness in 1Q20; it is increasingly likely that will continue into 2Q20. This will hurt Asia and, to a lesser degree, emerging markets. Data out of the EU shows a very mixed picture. As a result, don't make any new investments outside of the United States.
The World Trade Organization's world trade barometer continues to decline (emphasis added):
WTO trade statistics show that the volume of world merchandise trade was down 0.2% in the third quarter of