Consumer confidence is down in the US and the Case Shiller index is slightly better than expected. Chicago PMI was above expectations and Milwaukee NAPM is at 50, but the real news is that the rest of the world is doing slightly better.
Industrial production in South Korea is positive MOM and the leading index is up. Japan sees slightly better small business confidence. UK housing prices are not as bad as expected and Thai trade balance is better from rising exports. Swedish retail sales are up as well as retail volume MOM in Norway. However, UK GDP is down and Eastern Europe does not look good. Mexico's budget balance has turned negative fast.
The key is that some devastated economies are showing signs of life in Asia and Europe is showing some positive signs. There is also greater differentiation across countries. More is going on than what is being reported in US.
Industrial production in South Korea is positive MOM and the leading index is up. Japan sees slightly better small business confidence. UK housing prices are not as bad as expected and Thai trade balance is better from rising exports. Swedish retail sales are up as well as retail volume MOM in Norway. However, UK GDP is down and Eastern Europe does not look good. Mexico's budget balance has turned negative fast.
The key is that some devastated economies are showing signs of life in Asia and Europe is showing some positive signs. There is also greater differentiation across countries. More is going on than what is being reported in US.
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