I thought this chart was really interesting and worth highlighting, particularly given I’ve been writing a lot about emerging markets recently. The reason I highlight this chart is because in October the emerging markets composite manufacturing PMI rebounded to a 5-month high. Now it is important to note that this is a relatively volatile index month-to-month and ideally we’d like to see another stronger or at least stable month to confirm… but this is a really promising sign. The worst case scenario for EM from an indicator perspective would have been to see a precipitous and unabated decline and breakdown through the 50-point mark which delineates economic expansion vs contraction. In short – it looks like EM has stopped slowing.