... future historians will probably remember 2020 as the year when an enfeebled and vulnerable Europe chose to make itself feebler and more vulnerable. The task for its leaders now is to avoid making matters even worse...
"Some caution is needed, as these improved survey numbers merely translate into very subdued growth in comparable official gauges of manufacturing production and factory payrolls..."
"Sources with direct knowledge of the trade talks told the Global Times on Saturday that the U.S. must remove existing tariffs, not planned tariffs, as part of the deal."
We doubt it will come as a surprise that some of Europe's most fiscally challenged countries are also those that offer the longest retirement across the entire OECD universe.
On December 9, bondholders of China's state-owned Tewoo will have to decide if they will accept a "distressed exchange offer", triggering the biggest SOE default in China since 1998.
If one looks at true corporate profits stripped of all adjustments, revisions and addbacks, a very ugly picture emerges: one where US corporate profitability is the worst since the financial crisis.