Recent events offshore fit our anchors.
Japan and China’s Industrial Production - both positive and both through consensus. We had predicted Japan would recover faster than expected. Next, we have looked for China to defy predictions of a hard landing. China’s growth slowed a tad for Q2, but is still at a rousing 9.5% vs 9.7%, Q1. Retail Sales were also better. Thus, the Bk of China can brake further without a stall.
UK unemployment - a tad worse, fitting the view for a sideways economy there.
A reminder that we have little exposure to EU peripherals, or even Italy.
Robert Craven
Wednesday, July 13, 2011
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