Sweden/Korea
Noting the Sweden new orders data.
Generally speaking, countries like Sweden and South Korea are good “bellwether” economies, for future regional economic growth, given the proportion of exports and the relative size of manufacturing.
Here, we see some fairly terrible looking PMI data, against a Stoxx index that is still pretty strong.
We’ve been gradually reducing our direct European ETF exposures, on the back of strong performance and a stronger Euro.
We also note the ongoing weakness in Korean exports, year to date.
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