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1、COREU.S.LifeScienceTools&DiagnosticsBarclaysToolsIndustrialTracker–INDUSTRYUPDATEEquityResearch1November2018October2018:PMIsModerate,ThoughRemainExpansionaryGeographicPMIsmoderatedagaininOctober–thoughremainexpansionaryglobally,notablyincludingtheU.S.ISMmanufacturingPMI(at57.7,down2.
2、1m/m).Europeoverall(down1.1m/m)aswellastheU.K.(down2.5m/m)andGermany-specific(down1.4m/m)PMIsmoderatedinthequarter,whileJapan(up0.4m/m)andChina(up0.1m/m)showedmodestimprovements.Metricsbroadlyremaininexpansionaryterritory–whichwebelieveprovidesgoodvisibilityforthenext1-2quartersintothe
3、Industrialendmarketforourcoverage.WebelievefuturePMItrendswillbeimportanttowatchforareadintotrendsinto2019.TheindustrialendmarkethasbeenanimportantalphadriverforgrowthforourLifeScienceToolscoverageamidsttheglobalrecovery,makingupanywherefrom10-25%ofrevenuesforthediversifiedcompanies.We
4、continuefavorAgilentandThermoFisherinourLifeScienceToolscoveragewithOverweightratings.Asareminder,revenuegenerationfortheLifeScienceToolscompaniesishighlycorrelatedwithendmarketgrowthinthecompany’sindividualgeographies.Thelatestreadingssuggest:·USCompositePMIfromISMof57.7forOctober2018
5、,down2.1m/m·EuropeManufacturingPMIfromMarkitof52.1forOctober2018,down1.1m/m·UKManufacturingPMIfromMarkitof51.1forOctober2018,down2.5m/m·GermanyManufacturingPMIfromMarkitof52.3forOctober2018,down1.4m/m·JapanManufacturingPMIfromMarkitof52.9forOctober2018,up0.4m/m·ChinaManufacturingPMIfro
6、mMarkitof50.1forOctober2018,up0.1m/mInthisreport,wealsotrackcapitalspendinglevelsatchemicalandenergycompanies,oilprices,andrigcountstogaugethehealthoftheindustrialendmarket.Afteranumberofyearsofpressure,wearestartingtoseeanimprovementinindustrialperformance.Wehighlightsomeinterestingda
7、tapointsthatsuggestthebackdropfor2018hasimproved.Notably,itappearsthatCapExspendingacrosstheenergyendmarketimprovedin2017.CapExfromE&Pcompaniesincreased38%in2017(offaveryfavorable-45%comp).Basedonconsensusestimates,CapExfromE&Pcompaniesisexpectedtogrowalmost9%in2018.E&Pspendingcanbev
