Remember The "European Recovery"?

As all eyes are focused on US earnings and asset-gatherers cherry-pick beats and ignore the bellwether misses, we thought a gentle reminder of the other seemingly unbreakable 'meme' of the moment - that of Europe's recovery - was in order. The following chart, presented with little comment of schadenfreude, should clear up any doubts about whether Europe's economy is on the up... or down...

 

 

So, earnings growth expectations have collapsed from an inordinately hope-strewn +9% at the start of December to 0% (i.e. no growth whatsoever) last week...

 

(h/t @Not_Jim_Cramer)