“After a brief period of stabilization, our measure of global credit impulse has plummeted. This does not bode well for European equities.

The credit impulses in all three major economies – the euro area, the U.S. and China – are now negative, albeit very slightly in the case of China. This is the first time in three years that all three components have been simultaneously negative. And after hovering at a point of inflection the combined credit cycle indicator has lurched down again.”

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