By: Scott Davis 

  • The industrial upcycle remains very strong, with growth accelerating against tougher comps
  • Industrial companies continue to face supply chain constraints/bottlenecks (e.g. electronics and casting/molding shortages) and an extremely tight labor market
  • Capex will likely surprise to the upside to ease capacity constraints in many markets
  • Companies are passing on price increases to recoup higher raw mat costs, which have started to level off
  • Tariff/trade tensions remain a risk, but so far corporates are not changing investment plans in Developed Markets

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