By: Rob Wertheimer 

CAT some weeks ago made cautionary comments on China construction equipment; we’ve argued that CAT construction is at low cycle levels or deep troughs in North America, Europe, and Latam, and we have not been negative on China. CAT noted excavator sales climbing above normal replacement. Without taking a firm stance, CAT’s comments struck us as too conservative. This note digs into the details, with three conclusions standing out.

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