The global economic implosion continues to worsen.
China is growing at 3%... possibly even lower. One of the only remotely accurate Chinese economic data points is rail traffic. Well, Chinese rail freight has fallen at a pace not seen since the Asia Financial Crisis. In fact, it’s even worse today than it was in 2008.
(via RBS Economics)
This tells us that China’s economy is collapsing. China is an export economy… with much of it going to the US.
So it should be little surprise that the US’s import data just posted the worst collapse since Lehman Brothers.
Via ZeroHedge
If it is collapsing then global trade should be doing the same. And it is. The Baltic Dry index, which is a proxy for global trade, has fallen 80% in the last 18 months. It just recently hit an all-time low (even lower than during the 2008 collapse).
And the Fed's REAL GDP is tracking 0% growth for 1Q15.
And against this backdrop… investors are completely bullish. The Investors Intelligence Survey shows the lowest number of bears in history.
Via Not Jim Cramer
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