The details of the Swedish bellwether PMI remain lackluster and the small rebound we have seen in the global PMI could turn into a small correction lower again, if Sweden is to be trusted as a leading indicator. In contrast to the market-based leading indicators, these data are actual activity numbers. The big risk of 2020 is still that the weak earnings seen over recent quarters (in particular in the Euro area) spills over to weakness in labor markets.