Latest purchasing manager surveys show persistently week industrial activity across the globe: the Markit manufacturing PMI for the euro zone, China and emerging markets scored 47.6, 49.4 and 49.9, respectively. In the US, industry held up somewhat better with a manufacturing ISM of 51.7, but the trend is nonetheless downhill over recent months. In contrast, services are showing some resilience. The Markit non-manufacturing PMI came in at 53.4 for the euro zone, 52.7 for China and 51.7 for emerging markets. Weakening global trade amid faltering US/China trade talks is weighing on industrial exports and tarnishing the outlook for global growth, which should nonetheless remain above 3% in 2019 and 2020.