Real quick. Kit Juckes of SocGen summarizes the world very succinctly.Good Morning. An optimist will tell me that at 50.6 China’s manufacturing PMI is at its highest level since April, a pessimist will point out that it’s barely above 50. But the ‘tail risk’ of an imminent hard landing for the Chinese economy is fading, just as the conclusion of the latest Greek drama means that risk of a return to full-blown Euro Zone crisis is fading. So, two of three major risks are reduced, leaving only the dreaded ‘fiscal cliff’ to worry about.
A lot of people are thinking about the world right now.