Lately, David Rosenberg has adopted a more optimistic tone in his research notes.
“While I wouldn’t exactly say that I see silver linings, I would say that some clouds certainly appear to be parting,” wrote the normally bearish Rosenberg in this morning’s Breakfast With Dave note.
He offers six such clouds that are parting:
- “…some stabilisation of the U.S. data that should prevent further downgrades at least as Q4 GDP consensus call is concerned.”
- “…we are moving closer to a deal on the fiscal front. The cliff will likely be avoided but Q1 will still be a steep hill.”
- “…China not only managed to successfully guide its economy into a soft landing, there are now signs of renewal in industrial activity.”
- “…there are [U.S. housing market] experts who I have a ton of respect for (Michele Meyer at BAML, for one) who sees sustained strength in 2013.”
- “Japan just elected a new government that is much more dedicated towards reflation than its predecessor.”
- “…we know that the ECB has managed to put a floor in regarding the Euro area crisis which has not suffered a flare-up in a year.”