A growing number of economic indicators suggest that the worst of the global slowdown may be behind us. The combination of the two charts below, compiled by Samuel Rines and David Ingles, reveal the same. First, leading indicators are improving in many regions and second, export growth – among the hardest hit by the China-US trade war – is turning the corner as well. A broader uptick in manufacturing PMIs is likely in the coming months, as is growth in global GDP. One thing to keep in mind, however, is that equity markets are already reflecting this upturn. While this doesn’t necessarily mean equities can’t continue to rise, it does limit the extent of the potential climb.