8July2019GlobalSalesandTradingpersonnelatMacquariearenotindependentand,therefore,theinformationhereinmaybesubjecttocertainconflictsofinterest,andmayhavebeensharedwithotherpartiespriortopublication.Note:TotheextentMacquarieResearchisreferenced,itisidentifiedassuchandtheassociateddisclaimersareincludedinthepublishedresearchreport.Pleaserefertotheimportantdisclosureswww.macquarie.com/salesandtradingdisclaimer.MACROSTRATEGYEconomists/StrategistsMacquarieSecurities(Australia)LimitedRicDeverell+61282324307ric.deverell@macquarie.comJustinFabo+61282320696justin.fabo@macquarie.comHaydenSkilling,CFA+61282322623hayden.skilling@macquarie.comMacquarieCapitalMarketsCanadaLtd.DavidDoyle,CFA+14168483663david.doyle@macquarie.comNeilShankar+14166075055neil.shankar@macquarie.comMacquarieCapitalLimitedLarryHu,PhD+85239223778larry.hu@macquarie.comIreneWu+85239223796irene.wu@macquarie.comLynnZhao+862124129035lynn.zhao@macquarie.comMelodyDong+862124129085melody.dong@macquarie.comMacquarieCapital(Europe)LimitedTomPrice+442030372849tom.price@macquarie.comVivienneLloyd+442030374530vivienne.lloyd@macquarie.comSerafinoCapoferri+442030372517serafino.capoferri@macquarie.comJimLennon,SeniorCommoditiesConsultant+442030374271jim.lennon@macquarie.comEimearDaly+442030374802eimear.daly@macquarie.comMacquarieBankLimitedSingaporeBranchGarethBerry+6566010348gareth.berry@macquarie.comMacquarieFuturesUSALLCThierryWizman+12122312082thierry.wizman@macquarie.comMacquarieBankLimitedHongKongBranchTrangThuyLe+85239222113trang.thuyle@macquarie.comThispublicationhasbeenpreparedbySalesandTradingpersonnelatMacquarieandisnotaproductoftheMacquarieResearchDepartment.GlobalEconomicandMarketsOutlook:Mid-YearUpdateTheTariffsandtheDamageDone…Thisyearmarksthe10thanniversaryoftheglobalexpansion,makingitthelongestinthepost-warperiod.WhileglobalGDPgrowthhasaveragedarespectable2¾%saar–apacesimilartotheaverageofthepast40years–inthemainithasfeltunfulfilling,ascentralbankshaveworked(mostlyunassistedbythepoliticalclasses)tos...
