Investment thesis: The international environment is far too volatile right now. Although policymakers are engaging in the correct activities, we're still too far away from a clear end game to make any moves into the international markets.
Markit released the first round of COVID-19 PMIs, with understandably brutal results:
- UK manufacturing: 52.2-44.3; Services: 53.2-35.7; composite: 53-37.1
- EU manufacturing: 49.2-44.8; Services: 52.6-28.4; composite: 51.6-31.4
- Japan manufacturing: 47.4-44.8; Services: 52.6-28.4; composite: 47-35.8
- Australia: manufacturing: 52.2-50.1; Services: 49-39.8; composite: 49-40.7
These numbers are actually somewhat interesting as manufacturing held-up well (all things considering); services took it on