US manufacturing data output is a bit disappointing. Institute for Supply Management recorded the activity at 47.8. Anything less than 50 is a harbinger of a contraction. China’s factory output has contracted for the fifth month in a row, Eurozone, purchasing managers index, is 45.7 with Germany is on the brink of a recession. Itlay and peripheral economies esp. Spain and Ireland are not doing too good. US-China trade war and Brexit are taking a lot of toll on the global economy. Elsewhere in India, the credit growth slows down due among many reasons chiefly due to unchecked credit growth in the early 2000 decade during Prime Minister Mr. Manmohan Sigh era. How monetary policy loosening will help, especially when US-China is a supply-driven risk remains to be seen.