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June Global PMI Summary: Euro Area Slowdown Is Beginning To Impact The Rest Of The World
The sea of red just got even redder as Japan, Korea, Norway, South Africa and Taiwan all dropped below 50, i.e., into contraction territory. From Bank of America: "Overnight and early this morning, a bevy of global manufacturing PMI reports were released. This provides us with an early reading on the state of manufacturing. Out of the 24 countries reporting so far, 10 saw month-over-month improvements in their manufacturing PMIs, while fourteen countries saw their PMIs worsen in June. Seventeen of the manufacturing PMIs were below the 50 breakeven level that divides expansion (+50) from contraction (+50). A majority of the below-50 PMI indices are located in the Euro area. The ongoing sovereign debt and banking crisis continues to weigh on the region’s economic activity and sentiment. The Euro area slowdown is beginning to impact the rest of the world."
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For every red, thats 1000 pts on the Dow.
Bummer.
What do you expect when the house of cards starts to collapse on itself. One falls, they all fall.
Europe is a Ponzi scheme: http://www.planbeconomics.com/2012/06/28/roach-sees-a-ponzi-scheme-among-eu-members/
No shit.
How about we move everyone in Japan to Euroland and all the Eurosites to Japan. Interesting experiment, no?
It'd be about as interesting as moving everyone in Japan to the U.S. and all the Americanos to Japan ...
But......but......the US is in recovery. Strong economy and huge manufacturing base.
Besides, I'm allergic to Cesium and Plutonium.
Allergic?! ... I thought everyone wanted a chance to become "The Hulk".
Bullish because, as GS will soon tell us, QE3 is now imminent.
Time to front-run the QE3 trade once again...Which only delays QE3 actually being announced.
I think it's evident the decrease of economic activity in most of the world and especially in Europe. This increases the possibility of falling back market and therefore can be implemented QE3. The chances of this increase greatly in the coming weeks.
With all that red, that looks like Lenny Dystrka's balance sheet.
He's long shanks, shivs, and soap on a rope......
But, but, but....... China is forcasted at 8.5% growth in 2012. WTF :)
Do you believe China or HSBC? Which one is lying least?
Well then, just create more debt. According to Bloomberg it is all Shangri La here. Has nothing to do with the fact we are scared to death of losing everything.
Now I have read it all. We back Obama by soaking up more debt. And this is OK? We have totally lost it as a country.
BLOOMBERG:
Investors are plowing cash into new U.S. Treasuries at a record pace, making economic growth rather than budget austerity a key issue as President Barack Obama and Mitt Romney face off in November’s presidential election.
We gotta hurry up and 'plow cash' into the race to the bottom! Hooray!
I plow cash into a lot of things, cash being what I call my dick.
Yup. I think the Eu unemployment of 11.1% is the big BAD story of the day with Hollande RAISING taxes to cut the deficit. Herbert Hoover/FDR all over again.
http://confoundedinterest.wordpress.com/2012/07/02/bad-start-to-the-week...Hmmm, I wonder if the Unemployment Index is forged like the one the Regime uses here in USA land.
EU UI might be 15-20%!
If they can't lie any better than that we are doomed.
the evidence so far is damning ..the elites are truly naked..those who think more of the same QE will prop markets still think of them as supermen. With one clear eye I see them as the most overrated ego inflated bumblers they are..fear of what the stupid do when exposed is what makes me short the market..they are all too smart by half.
China's HSBC PMI in June: 48.2 (a 7m low like the official one, but indicating contraction):
http://www.reuters.com/article/2012/07/02/us-china-economy-hsbc-pmi-idUS...
But what is Australia's PMI doing improving like that if China's going down the tubes? :?
The Latest on China's Crashing Economy
http://www.economicpolicyjournal.com/2012/07/latest-on-chinas-crashing-economy.html
Now, Here's a Major Sign China is in Serious Financial Trouble
http://www.economicpolicyjournal.com/2012/07/now-heres-major-sign-china-is-in.html
Have you not heard?
Australia has a mining Boom, they want to dig bigger holes quicker.
No recession down under as its the "Asian century"
But, but The Regime said our economy was rebounding!
I can't believe Imam O'Bama would lie to us. The Koran does not approve of Lying!
(s/off).
Bubble Bubble on the Wall who's the Biggest Housing Bubble of them all?
Hong Kong's median house price = HK $2.58 million
http://www.chinapost.com.tw/business/asia/hong-kong/2011/01/26/289059/Ho...
Phfttt - thats only $324,528 Australian dollars (@ HK7.95)
Thats not a bubble - a two bed unit in a box costs AUD $ 450,000 (hk$3.57m)
A HOUSE in Sydney will make you bleed from the ASS. 66% of suburbs have a median price above (cue the pinky against smile) ONE MILLION DOLLARS.
Thats not a Knife .... This is a Knife.
Shit even a poor American boy could afford to live in Honkers
1 week from now we will be back at 1300 spx as the us economic numbers will come out disappinting..
Last month's ZH post with April + May 2012
http://www.zerohedge.com/news/global-pmi-summary