There Were Some Big Economics Stories Today

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In case you missed them, there were some really significant economic stories today.– The BRICS are back. This has been an a growing meme, that emerging markets have been poised for a rebound, but today’s PMI data confirmed it. There were strong numbers in China, India, Indonesia, Brazil, and South Africa. Only Russia was weak, but they’re their own thing.

Europe stabilizing. This was seen on three fronts. One was that Eurozone PMI hit an 8 month high. Two was that yields fell everywhere, notably in Italy, Portugal, and Greece. And three is that in Greece specifically there’s suddenly a lot of optimism, that a corner may have been turned towards debt sustainability. If nothing else, more was done in the latest bailout deal than in previous ones.

US is the sick man again. At least in this mini-cycle, as today’s weak ISM confirmed, the US is looking like the laggard. Sandy and The Fiscal Cliff aren’t helping.

The GOP Fiscal Cliff counteroffer. Boehner tried to come off as moderate. Signs continue to point to a deal.

Light Vehicle Sales hit a 5-year high in November. Some was a bounceback due to Sandy-related delays. Still, the trend is clearly in the right direction.

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