Tariff wars and global trade tensions do not appear to be hurting construction equipment maker bottom lines yet, says Jamie Cook, Credit Suisse’s lead analyst for the sector. She reported that stocks of major publicly held manufacturers outperformed the market in the week ending Sept. 21, with Caterpillar rallying 8%. Cook said the European Union truck market will be “largely stable” in 2019, despite investor caution with Brexit taking effect in March. “Order books don’t suggest a slowdown for at least the first part of 2019,” she said. But she noted an industry sector consensus view that tariffs and trade-war fears will cause the Chinese market to weaken in the second half of the year. Citing a Tokyo-based colleague’s analysis, however, Cook said the Chinese government is preparing a list of infrastructure projects proposed by provincial officials that “suggests some form of economic stimulus in 2019,” with demand expected to rise for hydraulic excavators and emission control equipment.