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The industrial sector has sustained fundamental momentum throughout most end markets and geographies, although there are pockets of weakness in Europe and China. While positive signs helped temporarily alleviate some investor concern, uncertainty about geopolitics, trade and the market cycle will likely continue to cause concern for investors.

Key Takeaways

  • Third quarter earnings results were better than feared.
  • There is no definitive evidence of a meaningful slowdown in non-residential construction activity, and a potential infrastructure stimulus bill can provide a pathway for sustainable long-term growth.
  • While there is potential for recent oil price volatility to deter future maintenance activity, operators were not overly reactive to price stability in early 2018, and a similar reaction to recent price instability is expected.