More bullish macro data points in Europe

Today’s commentary
Despite my unease about the secular headwinds of debt, bank balance sheets and wage stagnation, I must admit that many of the recent macro data points globally are pointing to growth. This is true in the US, in Europe, in Japan and in China. Below are a few highlights in Europe specifically.

As European equities hit six-year highs, eurozone industrial production is rebounding sharply. Yesterday, Eurostat released the data showing industrial output in the eurozone block jumping 1.8% in November. The biggest gain on a month-to-month basis was in Ireland where IP was up a staggering 11.7%. German IP was up 2.4% and even France eked out 1.4% growth in industrial production. This should allay fears of weakness, as German Q3 GDP estimates showed a scant 0.4% growth today. ...


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