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Europe GDP Forecasts Dive

Notice the steepness of the decline with Italy falling into contraction.

U.S. S&P 500 companies derive around 38% of their revenues overseas with a generous portion from OECD countries.  

OECD slowing will affect US 2019 earnings along with Asian countries, and organic US economic slowing.  SPX trading at 2800, IMO, doesn't reflect entirely the degree of slowness.  2019 EPS estimates will need to come down in the back half of the year.

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