Thursday, June 21, 2012

21/6/2012: Flash PMIs for Euro Area, Germany & France - June

Flash PMIs out for France, Germany and euro area. Predictably, not a pretty sight...

Here are the details:

Eurozone:



Germany:

 France:


There's a lot of surprise today in the media about 'German economy showing cracks' right... let's see:

  • The Chinese stopped buying Mercs & BMWs on foot of their own property bubble deflating... &
  • European companies & sovereigns stopped buying high end capex equipment on foot of euro bubble deflating... & 
  • German consumers... well, they've been dead since 1991... & 
  • German banks are discovering Greece-sized skeletons in their closets... 
  • Oh and per leading indicator for Germany - look at France...
so those cracks in German economy's facade... what a surprise then!


In reality, what is happening out there is simple -  a bunch of junior journos who got promoted into online news start-ups are all hopping mad over data they don't really quite know how to read. And lacking any real business experience, they are drawing conclusions no one can quite understand. 
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