In the last 12 hours, there’s been a smattering of data that’s helping to alleviate some of our worries about the economy.
One of the things that’s been a concern is soft developing market trade data (China, and so on).
This morning Brazil reported its best manufacturing PMI report since last Spring, continuing a solid uptrend. Brazil is linked to China, and emerging market growth elsewhere, so that’s nice to see.
China itself had better than expected PMI data, with two different reports coming in better than expected. Here’s a chart of HSBC’s measure, via PragCap.
Then there’s the strong retail data from February. Consumer numbers were conspicuously mediocre in December and January, so this is good to see.
Add in the improving situation in Europe — where yields keep falling — and you have a nice cocktail of good news today.