China and Taiwan Manufacturing PMI

China and Taiwan Manufacturing PMI The charts suggest a bottom in the Chinese and Taiwanese cycle in early 2020. Historically, this has been positive for global equities. Image: Danske Bank Research

China Credit Impulse Leads Global Manufacturing PMI

China Credit Impulse Leads Global Manufacturing PMI This great chart suggests that China credit impulse leads global manufacturing PMI by 12 months. Credit impulse is the change in new credit issued as a percentage of GDP. Image: Nordea and Macrobond

ISM Manufacturing Index vs. ISM Non-Manufacturing Index

ISM Manufacturing Index vs. ISM Non-Manufacturing Index ISM Non-Manufacturing rises to 56.9. That’s good news despite US-China trade tensions and weak global growth. When ISM Manufacturing PMI and ISM Non-Manufacturing PMI are below 50, as in 2001 and 2008, there is a recession.But when there is a divergence, as in 2016 and today, it doesn’t…