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We've brought back the history section at the bottom of the newsletter for April!

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Situational awareness:

  • China's manufacturing sector returned to growth in March, after four months of contraction. Europe’s factory activity saw the worst month in almost 6 years. (Bloomberg)
  • Turkish President Erdogan's ruling AK Party lost control of the capital city in local elections for the first time and appeared to concede defeat in Istanbul. (Reuters)
  • Kellogg is nearing a deal to sell its Keebler, Famous Amos and fruit snacks businesses to Ferrero for as much as $1.5 billion. (CNBC)
  • Saudi Aramco was the world's most profitable company in 2018, easily surpassing American companies like Apple. (Bloomberg)

April Fools!

Editor's note: The second story was updated with new details from S&P, which now says its report shows Murray Electric was in default at the time but now has a forward-looking rating of CCC+. It also corrects the use of the word "corporate failures" with "defaults."