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:
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.
Here are the details:
Eurozone:
Germany:
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...
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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