As we recently exclaimed, European macro data is deteriorating rapidly [4] (even as talking-head after talking-head simply ignore this 'fact' and steer investors into EU stocks because, well, they are going up). That "Europe is recovering" meme appears an unarguable truth - except when you look at the truth of the following chart.
Top-down...
[5]
and bottom-up.
There is a silver lining: as nobody can afford cars, more and more Europeans will ride bikes. Oh wait, it was America that had an obesity epidemic. Oh well.
[6]
Source: Natixis, Goldman and @Not_Jim_Cramer