Much of the latter end of the last week has felt rather surreal to me. The economic data and comments from companies have been rather benign, and yet markets continued to explore the grimmer angles.
This was highlighted by the release of the better than expected Chicago ISM at 60.4, yet the US markets spent the afternoon weakening as the gloomy mood prevailed. It was not just the Chicago ISM that was better than expected. Despite the widespread view of the inevitability of a European and US recession, German data continues to be rather benign with another better than expected employment report, this time for September. Unemployment fell by 26,000, with the rate dropping to 6.9%. China has published a better-than-expected PMI for September, coming in at 51.2, Korean exports are ho...
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