Are you buying the dip?...Barclays Equity Strategy: 1. Positive surprises are of course possible, but not our base case, and we expect uncertainty to remain a drag on activity. 2. Manufacturing weakness is spreading to services in Europe and China, and US recession fears are rising. 3. Monetary stimulus and resilient consumer should keep the economy afloat, but risks to the growth outlook remain tilted to the downside. 4. Weak Q3 results may not be a surprise given the lowered expectations, but the bar for Q4 and for 2020 is higher. 5. We hold a defensive sector allocation