(New York)

The global economy has not been in worse shape from a trade perspective n several years. Despite progress in the trade war between China and the US, global trade continued to drop in the past couple of months and was down over 1% from its 2018 level in November. Perhaps most worryingly, the falls were broad-based, with the Eurozone, the US, Latin America, and emerging Asia all seeing falls in trade.

FINSUM: The big question here is whether this is just policy-related or whether there is a real decline in economic momentum that is not yet showing up in other figures. Time will tell.