by Tyler Durden Tuesday, Jul 06, 2021 - 07:20 PM Two months ago, a forward-looking Wall Street responded to the Bank of America Fund Manager Survey for the month of May, and concluded that the peak of the post-covid expansion was now behind us, whether looking at growth expectations... ... profit margins expectations (46% to 26%)... ... capex spending plans (54% to 51%)... ... and inflation (93% to 83%). Of course, these "forward-looking" expectations needed some hard data validation which they got today when the latest data confirmed that the Global Manufacturing PMI has now peaked. As DB's Frances Yared writes, the Global Manufacturing PMI was running ahead of leading indicators (key exporters such as Taiwan, Chile and South Korea). Well, the latter indicators had been consistent with the Global PMI Manufacturing at 54 rather than the 56 observed at the peak last month. But the reversal is finally here, and the latest Global PMI print declined by 0.5pt in July and, based on the aforementioned leading indicators, should decline another 1.5 points.