It’s easy to run for cover, given the multitude of death threats directed at the world economy.
There is a slowing; there are pockets of weakness. Yes. But our main actors, highlighted in past posts, survive. Japan will continue to recovery quickly (the gov’t sold the Yen today, helping exports). Those who predict a "hard landing" for China are wrong. Germany will continue to fire on 7 of 8 - witness today’s June Factory Orders blowing through estimates.
Finally, reports of a US expiry are greatly exaggerated. Just today we see July results for the likes of Costco, Target, and other "chain stores" far better than expected. We expect tomorrow’s July Payroll result to cooperate.
Robert Craven
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