Following this week’s soft ISM and PMI prints, today’s Macroeconomic Briefing highlights some research that looks ahead for a potentially bottoming out in the manufacturing cycle. Ned Davis Research says global manufacturing may be bottoming, while they concede that not all of their leading indicators show such signs. Certainly, the rate of deterioration is receding. In Europe, SouthBay Research’s analysis from their manufacturing goods and capital goods indicators suggests a bottoming out in German factory orders, but again, they caution that expansion remains in the future. Tepid might be a generous term to apply to economic conditions, based on the above findings. What does the macro tell us about the market regime? Absolute Strategy Research have some interesting research on that below. Their analysis suggests that recently steadily weakening global activity expectations, set alongside a recent improvement in negative surprises, holds out the prospect of a potential change in macro regime over the next few months. Switching themes, we take a look at the unraveling of WeWork with Pennock Idea Hub, who highlight WeWork is not an isolated incident, and Longview Economics show us that UK equities are the cheapest among the cheap among UK assets. Be brave.