If you just woke up at 4:00 AM ET and paid attention until 10:00 AM ET, you’d basically know everything there is to know about the global economy.
- First, in China, we saw ongoing selling thanks to fears of inflation and tightening.
- Then in Europe, we got more serious selling in European sovereign debt. AND we also got a fresh confirmation of the disparity between German and periphery economies, when new employment data showed Eurozone unemployment at an 18-year high, and German unemployment at a 12-year low.
- And in the US we’re seeing more selling (thanks in part to the Europe situation) AND we got two really good economic numbers (Chicago PMI and consumer confidence) and one very weak economic number (Case-Shiller housing for September). Meanwhile, the market reflects this tug-o-war perfectly, having started off horribly, but rebounding thanks to the US data.
Chinese tightening, the dual-track European economy, sovereign debt woes, weak US housing, and a decent recovery elsewhere.
What else is there?
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