While the US and Chinese economies look to be stabilizing and even strengthening, the same cannot be said for Europe. Business activity there is growing at its slowest rate since 2013. Manufacturing activity is in recession and is steadily deteriorating, luckily the service sector is doing satisfactorily. 19Q4 Eurozone GDP growth will probably be just 0.2%, unchanged from 19Q3, compared to 0.5% in 19Q3 and 19Q4 in the US.