Global PMI Summary

Tyler Durden's picture


On the first workday of a new month, global PMI manufacturing surveys are released around the world. That gives us an early read on the state of manufacturing. As the nearby table from BofAML shows, out of the 22 countries that have reported so far, the message is not good. A reading above 50 reflects expansion while below 50 indicates contraction. In this regard, there were 12 countries in negative territory and 10 in positive. Europe remains a disaster with the divide between core and periphery now starting to be matched by the divide (which we recently discussed) between France and Germany. The UK's plunge from expansion to contraction (just beating Italy's weakness) was its largest drop in 8 months (seemingly once again confirming that you can't print real economic growth) as Holland and Norway also fell notably. While still theoretically in expansion, China also slid raising concerns over the global growth meme that we see highlighted in stock prices this morning.



Source: BofAML

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Fri, 03/01/2013 - 10:33 | 3289858 Cstrupp4241
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Brazil and USA?

Fri, 03/01/2013 - 10:38 | 3289864 The Juggernaut
The Juggernaut's picture

With all these flash Harlem Shake mobs... when are the flash Monetary Revolution mobs?  ...Anyone? ...Anyone?

Fri, 03/01/2013 - 10:48 | 3289918 Sudden Debt
Sudden Debt's picture

if it takes more than 45 seconds, people aren't interested.... hence popularity of the harlem shake. Attentionspam Maximus.

Fri, 03/01/2013 - 11:00 | 3289982 The Juggernaut
The Juggernaut's picture

Panem et circenses, indeed.

Fri, 03/01/2013 - 10:39 | 3289873 _ConanTheLibert...
_ConanTheLibertarian_'s picture

US will be fugly too.

Fri, 03/01/2013 - 10:53 | 3289945 Sudden Debt
Sudden Debt's picture

Hey... I'm not telling that to the US... or I'll get sued...

Fri, 03/01/2013 - 10:48 | 3289916 Super Broccoli
Super Broccoli's picture

USA ? man wake up that country doesn't exist anymore, let's not talk about it

Fri, 03/01/2013 - 11:09 | 3290019 fomcy
fomcy's picture

Everything is Bullish for this Market.. Look like this Pig will fly again.

Fri, 03/01/2013 - 10:35 | 3289860 Yen Cross
Yen Cross's picture

 Anyone want to take bets on how many emergency summits there will be in Europe this month?

Fri, 03/01/2013 - 10:39 | 3289875 Broomer
Broomer's picture

A grand total of zero, since they never would call them "emergency summits".

Fri, 03/01/2013 - 10:44 | 3289898 Yen Cross
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 I don't recall giving any names. That's up to the village idiots to do. It's safe to assume when you hear about Europen leaders going into private 2 day meetings on short notice, that there is an emergency that needs addressing. ;-)

Fri, 03/01/2013 - 12:40 | 3290469 Element
Element's picture

They're going to need some serious distractions this time around Yen. I have no trouble believing that Australian number either, things are real slow, just every one talking-up housing due to low rates and no clear prospect of them rising much soon, and Jerry Harvey excitedly saying he's not going broke quite so fast this month.

Fri, 03/01/2013 - 10:41 | 3289881 John Law Lives
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Long on French crullers and baguettes (to be eaten by Eurocrats at the meetings)...

Fri, 03/01/2013 - 10:46 | 3289905 DOT
DOT's picture

Bullish! Think of the T&E.

Summit, coming to a city near you in Super I-Max 3D !



Fri, 03/01/2013 - 11:11 | 3289966 medium giraffe
medium giraffe's picture

The thought of the Euro area Incompinati rushing into lavish venues in lavish limos on lavish wages to accomplish the sum total of fuck all angers me like nothing else.

Fri, 03/01/2013 - 10:40 | 3289863 DaveyJones
DaveyJones's picture

bless you Bradley Manning

You didn't help an imagined enemy

you hurt a real one

(He pled to some of the charges and read a thirty five page statement they're not releasing)

His attorney describes it  (at 13:40)

Fri, 03/01/2013 - 10:37 | 3289867 DOT
DOT's picture

Hungary kicking ass.

Fri, 03/01/2013 - 10:40 | 3289878 buzzsaw99
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People don't count, only bankers are important.

Fri, 03/01/2013 - 10:42 | 3289886 DaveyJones
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only special bankers

(not the small innocent ones)

Fri, 03/01/2013 - 10:44 | 3289892 buzzsaw99
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the twelve tribes of the feral preserve specifically

Fri, 03/01/2013 - 10:57 | 3289976 DaveyJones
DaveyJones's picture

a dozen is such a special number

eggs, apostles, IQs of the elected

Fri, 03/01/2013 - 11:27 | 3290087 Umh
Umh's picture

I have wondered about the IQs of politicians. They shouldn't be to stupid on average, but there are some that will definitely bring the average down.

Fri, 03/01/2013 - 10:43 | 3289882 Dr. Engali
Dr. Engali's picture

It's probably safe to say that Chinas' in contraction mode with their  manipulated numbers. The U.S manipulates numbers better than anybody so I'm sure we will show a full fledged expansion.

Fri, 03/01/2013 - 10:55 | 3289954 DaveyJones
DaveyJones's picture

Damn it Dr., you didn't read the memo.

Only China does it.

Just like computer spying.

Fri, 03/01/2013 - 10:42 | 3289885 Yen Cross
Yen Cross's picture

  The good news is oil is down $1.40 a bbl. The bad news is it's too late.

Fri, 03/01/2013 - 10:42 | 3289887 theleak
theleak's picture

Well with this rate we wiil soon be over 50 (Greece)

Fri, 03/01/2013 - 10:42 | 3289888 WoodMizer
WoodMizer's picture

You can't trust Gov good news but bad news is trustworthy?

I dont know if this is in response to the Italian election threat to the ECB's technocratic rule or, if the data is getting too bad to fudge.

I guess i am trying to figure out how coordinated data manipulation is on the global scale.  The BRIC nations seem to be forming team A while NATO, Can, and Aus seem to be team B. 

Fri, 03/01/2013 - 10:44 | 3289896 BurningFuld
BurningFuld's picture

Aussie's I am very disappointed in you guys.

Fri, 03/01/2013 - 11:06 | 3290004 fudge
fudge's picture

Disappointed ? No no, accurate figures would be disappointing, 40.2 is good news.

Fri, 03/01/2013 - 13:22 | 3290775 Element
Element's picture

It's an election year, so if it gets worse there will be strong impetus for a Feb-2009 type cash hand-out to bank accounts of tax-paying workers, which will make a mockery of any sort of budget surplus claims. But despite that being another broken-promise, it's a desperate move but sure-fire vote-grabber, so the Labor party just might do it, as they're certainly desperate enough to try it. They're dead in polls and the trends look really bad at present. They're headed for election gutting at this point, so I wouldn't rule out a politically charge stimulus gimmick here to ease suburban pain and get people in a better mood. Unemployment has been growing steadily for the past 6 months no matter what the official stats may hide. The change is there and it's visible. If iron ore had not bounced back things would look much worse today. The Chinese stimulus last Sept has had that small positive effect here as a result.

But just today I heard a complete twat on the idiot box actually claim to be expecting a housing price boom this year that is similar to what occurred in late 2009 and 2010 (27% rise in Melbourne in one year, etc.), and that the mortgage industry was very satisfied with current trends and conditions!

So there's all this sort of bullshit going on, sending mixed-messages, and for sure the average persons sees little reason to believe any of that sort of crap. The banks don't want to lend, and the people not only don't want to borrow, they're skint, and jobs are becoming less secure.

Personally, I think the entire globe is falling slowly into a long and very damaging job, trade and business-destroying recession. Very slow in = very slow out. So stimulus will not arrest and reverse the secular trend, oil remains very high, AUD remains horribly high (even though rates fell consistently). The only reason why iron is up seems due too Chinese stimulus bridging the gap that was forming under price and over production. The reality is production is reducing to manage price decline pressure, but that has limited range of affect, if input demand is consistently falling. Once Chinese and also Japanese stimulus measures wind down the progressive sink back to lack-luster demand will resume and unemployment will grow. I seriously doubt we're about to experience any sort of multi-quarter house price surge. More likely prices will slowly fall again from here.

Fri, 03/01/2013 - 10:47 | 3289897 Edward Fiatski
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They just need to lower the interest rates to spur entrepreneurship, prudent risk-taking & economic growth. /sarc

Fri, 03/01/2013 - 10:45 | 3289901 Confundido
Confundido's picture


Fri, 03/01/2013 - 10:48 | 3289915 venturen
venturen's picture

This is great news for Wall Street Bernanke gets to print more free money!!!  Fire up the Helicopters!

Fri, 03/01/2013 - 10:48 | 3289917 jover
jover's picture

i wanna see belgium included in that list please.


Fri, 03/01/2013 - 11:11 | 3290001 Confundido
Confundido's picture


Fri, 03/01/2013 - 11:19 | 3290052 Glass Seagull
Glass Seagull's picture



"Get to work, Mr. Chairman."

"Ponte a trabajar, señor Presidente."

"Se rendre au travail, monsieur le président."

"Al lavoro, signor Presidente."


The whole world is counting on you, Ben.

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