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Two-Thirds Of Global PMIs Deteriorate In August
First the good news: of the 28 global regions that have reported PMIs so far (the US Markit PMI is due later today), 18 posted a print of over 50, or indicating manufacturing expansion.
Now the bad news: comparing August to July PMI data saw a deterioration in 19 of the 28 countries, or more than two thirds, suggesting that while the global economy is not in a recession yet, absent some dramatic improvement, which in this day and age would mean another dramatic bout of monetary easing since fiscal stimulus stopped doing anything ever since central bankers took over in 2009, a global economic contraction is just around the corner.
Here is the detail from Bank of America:
World: 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 below table shows, 28 regions have reported so far. Nine saw improvements in their manufacturing sectors in July, and 19 recorded a weakening. A reading above 50 reflects expansion, while below 50 indicates contraction. In this regard, there were 18 countries in positive territory and 10 in negative. In particular, Hungary and Switzerland moved from contraction to expansion, while China, South Africa and Turkey did the reverse.
And visually:
Rate hike anyone?
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HIKE THE DAM RATES!!
For at least two minutes!
oh ... south Korea falls by 0.3 ... yeah
according to jim cramer, the ECB, PBOC, BOJ, kevin henry, & some of the largest hedge & mutual funds in the U.S. all wore pajamas to work this morning.
"IF YOU WANNA SELL U.S. STOCKS TODAY BECAUSE SOME GUY IN PAJAMAS IS HITTING THE DOW FUTURES DOWN 450, GO AHEAD, BE MY GUEST!!!" --- jim cramer on cnbc this morning
And Greece is the new China leading the world growth :D
Well the IMP's (important members of parliament) in UK are going the other way.
The house of Lords is showing a decided inflation in people who wear impressive wigs, only live off handouts and exhale hot air!
Stormbringer coming! https://www.youtube.com/watch?v=GSXhqLaWaq0
No point in running because it’s coming your waaaiaaay!