Tuesday, August 16, 2011
We're in the Comic Book Phase Now
Eurostat released EU and EU27 Q2 GDP today. Sad, at 0.2 (quarterly, non-annualized). This is "unexpected", and stuff is selling off as I write. Here's the release. If you scroll down you can see the individual countries. Note France at 0.0 in Q2 and Germany at 0.1. There are those that believe that the drop off in industrial production might have something to do with the German collapse.
Sigh. The last round of PMIs were not exactly positive for Q3 outlook, so the great expectations are, shall we say, fading.
Let's review the bidding: We are waiting for China. Japan is negative still due to the quake/tsunami disaster, but that is waning. Hong Kong reported a slight drop (-0.5) in Q2 GDP. Singapore reported a contraction in Q2 of 6.5%. Australia was negative in the first quarter; no word on Q2 yet, but if you go to this table and scroll down to the production monthly figures, their trend appears somewhat negative.
This makes the US advance look decent, but we aren't staying at this level! So there is a global problem.
As for Japan, that deserves a post of its own.
Whether it's basic lack of brainpower or a Walter Mitty-like urge to fantasize, our president has not the most basic clue about economics.
(Verification word: nalitol. Perhaps meaning nail it all to the wall?)
"This man has been asleep with his eyes open for over forty years, Dr. Strange! We have found it completely impossible to awaken him!"
"Hmmm, I see by this chart that you have tried every means available to science! There can be only one answer..."
Since we do not have an enchanted amulet at our disposal, I suggest we create even more charts! ;)
Still, that's over.
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