An economic slowdown is apparent, but we are not yet in a slump, according to the two-thirds completed results season. Markets remain rightly concerned by recession risks, as indicated by heavily inverted yield curves, but evidence of a serious downturn remains absent. Growth momentum remains positive if fading. Margins are strained in some industries but holding up overall. Speculative grade EBITDA momentum is strong, particularly in oil and gas. Results continue to comfortably exceed market consensus expectation, and capex growth is resilient. There are signs that the operating environment is growing more difficult. Quarterly EBITDA momentum is stalling in many sectors, cash balances are dwindling, interest payments starting to rise, and positive surprises are starting to ebb.