All Hail Europe's Glorious Industrial Revolution

And some were skeptical that bankrupt continents could not put up industrial numbers that beat every single expectation. And if you thought these numbers are amazing, just wait until the next 5 Year Plan is implemented.

• Euro-Zone PMI Composite 56.7 higher than expected Consensus 55.5 Previous 56.
• Euro-Zone PMI Manufacturing 56.5 higher than expected Consensus 55.1 Previous 55.6.
• Euro-Zone PMI Services 56.0 higher than expected Consensus 55.0 Previous 55.5.
• Euro-Zone Industrial New Orders SA for May 3.80% m/m 22.70% y/y
  higher than expected Consensus -0.10% m/m 20.00% y/y Previous 0.60% m/m
  21.90% y/y (Revised from 0.90% m/m 22.10% y/y).
• Germany PMI Manufacturing 61.2 higher than expected Consensus 58.0 Previous 58.4.
• Germany PMI Services 57.3 higher than expected Consensus 54.5 Previous 54.8.
• France Business Confidence Indicator for July 98 higher than expected Consensus 94 Previous 96 (Revised from 95).
• France Own-Company Production Outlook for July -9 lower than expected Consensus -7 Previous -7.
• France Production Outlook Indicator for July -2 higher than expected Consensus -6 Previous -4.
• France Consumer Confidence Indicator for July -39 higher than expected Consensus -40 Previous -39.
• France PMI Manufacturing for July 53.7 lower than expected Consensus 54.1 Previous 54.8.
• France PMI Services for July 61.3 higher than expected Consensus 60 Previous 60.8.
• UK Retail Sales Ex Auto Fuel MoM and YoY for June 1.00% m/m 3.10%
  y/y higher than expected Consensus 0.60% m/m 2.40% y/y Previous 0.70% m/m
  2.90% y/y (Revised from 0.50% m/m 3.40% y/y).
• UK Retail Sales w/Auto Fuel MoM and YoY for June 0.70% m/m 1.30%
  y/y higher than expected Consensus 0.50% m/m 1.00% y/y Previous 0.80% m/m
  1.70% y/y (Revised from 0.60% m/m 2.20% y/y).

Anyone disagreeing or disbelieving the above array of sterling data, will be promptly sequestered, silenced and "disappeared."

Comments

[john_connor]

I don't think any of this matters with AUD approaching massive resistance unless Japanese authorities engage in shock and awe to precipitate yet another lost decade.

[Ivanovich]

Yep, the only thing I would add to that is that - right before AUD collapsed in the market meltdown Q3/4 of 2008, it also looked like it was rocketing.

[Pretorian]

Nice one and Gaithner argued at G summit that EU can not have Austerity and evolution at the same time. Only debt and printing money.

[cossack55]

Would it be renaissance or run on sauce.  Hall of Mirrors anyone?  What was that doctors name.....began with a G......  Oh well.

[THE DORK OF CORK]

Well there is a transfer of wealth from the periphery of Europe to the centre.

I know nothing about these dubious indexes but the above is happening.

The more central countries can produce more efficiently then Spain and Ireland etc.and since more of the savings from the frugal French and German people are going into their domestic economies - they may have the capital to realize some of their ambitions.

This is energy dynamics in motion but with the ECB providing the necessary plasma to keep us formally free spending Europeans in our little box.

[LoneStarHog]

Looks like those U.S. Goobermint statisticians must be moonlighting at night from home...

[tom]

What's so unexpected about a boost to EU exports, especially German, in the wake of big Euro declines?

[b_thunder]

when you have substantially devalued currency, your manufacturing is goign to pick up.  the question is this:  so far in Q3 the Euro has been higher than in the recent months. what if it does not fall?  then that same index will show significant drop in a few months

[dan22]

A Short Story of a Greek Tragedy, a Euro Crisis and an Inevitable Collapse of The Monetary Union

The Greeks had two civil wars within the last century. The first one, burst out in 1916, where the supporters of participating in WW I violently imposed their view on the supporters of neutrality. But the worst civil war was the one that occurred in the years 1944-1949, just right after the end of the Nazi occupation. The communists, with unprecedented brutality created a division within the Greek society that still persists. The communists lost the war but their marginalization in the following years was taking advantage from the socialists. Since the latter took over Greece in the 80s, they dedicated themselves into hiring all kinds of leftists into government jobs, imposing their view of "social justice". Needless to say, that those people are avid supporters of statist and cannot conceive a free market environment.

[nonclaim]

just wait until the next 5 Year Plan is implemented

A delicious sarcasm right there :)

[Tortfeasor]

5 year plan - "Don't Die"

[scratch_and_sniff]

Tyler, one thing to say...get a grip.

[Goldenballs]

A tiny improvement on nothing looks great.Fools Gold.

[schadenfreude]

Living in Germany, I can see everyday the recovery in big corps and mid/small size businesses. Most companies stopped with "Kurzarbeit", planning to have additional shifts as well. Whether this is a lasting trend is still going to be seen, as the effects of sovereigns' stimualtion programs are going to end.

[Clayton Bigsby]

looks like the market bought it

[scratch_and_sniff]

sheeze, looks like they did just that. Europe is full of suckers my friend. I guess they will be the last to find out when the shit has really hit the fan.

[carbonmutant]

The next 5 year plan is to sell all the stuff they are currently producing for their inventories.

[Martel]

German recovery is real. There's no arguing with German engineering know-how and discipline, they even give Americans a run for their money. Not all German industry jobs have been transferred to East Europe.

Spain, Greece etc. will slip further into redundancy. Currently 40% of Spaniards age 30 and below are unemployed, and the real estate bubble is yet to burst. Franco 2.0 isn't completely out of question.

Euro works neither for Germans, nor PIIGS, but it works for Brussels kleptocrats.

[Paul Bogdanich]

One also has to remember that unlike their trans Atlantic counterparts German initial numbers typically get revised up or not at all as more data come in as opposed to severely down as seems to be the habit over here.

[Citizen of an I...]

Have you heard the news, brother?  Choco-ration's gone up again!

Doubleplus good, that.

[Martel]

+10000

It is great to hear the Miniplenty and inner party in Brussels take care of us so well. Wouldn't it be a crimethink to have even a fleeting thought about buying more gold?

[scratch_and_sniff]

Andrew Sentance will be making his wife bacon and eggs this morning with nothing on but a big grin and his Rule Britannia apron, and Mutti Merkel will be dancing around the room to Michael Sembello's maniac and to the tune of a 20 year IFO high, but admittedly might be a bit worn out after shaking her booty to the PMI numbers and Industrial orders, oh and PPI and... Shake it, shake it, shake shake it like a polaroid Abbildung.