World over, there have been murmurs of that word – “slow-down”. From whatever little high frequency data points that got published for Jun-19, composite PMI prints haven’t been rosy at least for Russia and U.K. Digging deeper, its subset, the Manufacturing PMI for the whole developed markets pack has now been in contraction since Mar-19 (i.e. 4 successive months of decline). Worryingly, the emerging market pack has also started showing cracks with manufacturing PMIs also slipping sub-50 level in Jun-19. Head-line numbers itself paint a bleak picture, so a deep-dive into country level manufacturing and services activities would most likely open up numbers akin to a can of worms.