Brave new world: India capex in the pits; US buyback boom bottoming out

India’s capex cycle, Michael Avery on debt defaults and Global Air Freight‘s longest recession since 2008 in this week’s Brave New World

India capex seems to be cratering: Latest Central Statistics Office data for India’s capital goods sector had clear signs that India’s capex cycle has reached its nadir, which was last seen in 2009 and again in 2012-2013.

Central statistics office

Michael Avery on debt default


Global Air Freight sinks into longest recession since 2008: International Air Transport Association (IATA) says demand for global air freight as measured in freight tonne kilometers, fell by 3.9 per cent in August compared with last August, the 10th month in a row of year-over-year declines, the longest such period of declines since 2008 during the Global Financial Crisis.

3 IATA Economics

Cash is king: In 2018, 14 out of 15 major asset classes finished lower, with Cash outperforming everything. This year, all 15 are positive with Cash underperforming everything.


Buyback boom: US Stock Buybacks are on track to reach $750 billion in 2019, down from nearly $1tn in 2018. Buybacks was the reason behind US market’s resilience.

5 JPMorgan


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