Well let me see…could this be because of an artificially rigged market which doesn’t ever relaly relay what the real GNP/GDP’s are doing? Hmmmm…I wonder.-A.M.
A rash of weak manufacturing data from America, Europe and Asia has cast serious doubts on the strength of the global economy and was starkly at odds with surging stock markets in the West.
by Ambrose Evans-Pritchard
Markit’s PMI factory index for the US suffered the biggest one-month fall in almost three years as the most sudden fiscal tightening since 1946 starts to bite.
While the gauge remains above the expansion line 50 at 53.6, there was a sharp drop in new order growth and an ominous rise in inventories.
“The picture has already begun to darken again. The fall raises concerns that the manufacturing expansion is losing momentum rapidly,” said Markit’s Chris Williamson.
But the markets were dancing to an entirely different tune. Wall Street brushed aside Tuesday’s data, focusing instead on bumper earnings from the cable network Netflix and news that US house prices have risen 7.1pc over the past year. The S&P 500 index jumped 16 points to 1,579 in early trading.