Starting 2018 with a slower global growth?

It's been 6 months since I last wrote about global trade growth, so it's time to have a look again.
After a pretty good recovery since early 2016 and reaching 5% growth on year over year basis it seems now that it has lost some momentum, at least for a while. But what makes me more worried about next few months ahead is that most US and Germany economic surveys are at multi year highs. That should be a good news if it wasn't for he fact that historically those indexes hardly hold much longer at those levels. And when they turn they usually impact global trade, financial markets and stocks for a while.

Let's look first at some global trade indexes:

CPB Global trade volume looks to be loosing some steam...

RWI Index also has slowed.

Now some surveys in Germany and US:

Germany IFO and Europe Consumer Sentiment.

US surveys also at multi year highs:

Now some industrial production indexes around the globe:

EM looks pretty flat and DM could turn for a while as talked above...

Except for latam all other regions are flat or losing some momentum...

...and Baltic Dry index...

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