What a change from last week.
Last week, markets were dumping all around the world for no real reason.
This week, there’s been plenty of bad news (Caterpillar earnings, that ugly German PMI number, the ugly Chinese PMI number) and yet, markets are resilient.
Europe started the day going nowhere, but is now gaining nicely.
Germany is up 0.56%, and Italy has added another 1%. France is up 1.5% on the day.
US futures had been much deeper in the red earlier, but are now close to flat.
Perhaps the collapse of the austerity movement is giving some hope that growth will come around again.