In today’s Macroeconomic Briefing we highlight a couple of different angles on the ongoing trade conflicts, with Cornerstone Macro examining the potential fallout for emerging markets, an asset class most at risk if tensions escalate further, while Cowen & Co look at this Friday’s deadline on the section 232 report on the auto sector. European automakers are on tender hooks, but it’s highly likely that Trump with kick his conclusions 180 days down the road, until a deal is done on China, or Canada and Mexico. So many moving parts. MI2 Partners highlight why they think Slovakia, a large auto making hub, is the canary in the coal mine for European growth, and Yardeni Research says last week’s PMIs are neither good nor bad. Yes economic activity is slowing, but based on historical comparisons, one would expect an acceleration from here. Finally BAML examine credit fund flows and find there’s demand for quality over yield as investors exit HYL funds for IG.