Global Macro Perspectives
Alphaville on potentially two-tired Italian interbank market and coming (again) European stress tests; BeyondBRICs on Chinese and world education; The Big Picture comparing 2005 and 2009 rallies; The Slope Of Hope on silver and Calculated risk on job market.
The Ceridian-UCLA Pulse of Commerce Index rose 0.4% in November after falling o.6% in October.
Value Expectations on S&P 500 revenue growth; Distressed Debt Investing on High Yield Strategy; Business Insider (Doug Short) on Inflation; Alphaville on tax cuts; BeyondBRICs on China credit growth goals and Macro Man on gold vs. real interest rates.
In the last months global economic outlook has improved a bit. In U.S. we can see signs of personal consumption and manufacturing activity growing at soft rates, but growing; at the same time employment, housing, construction spending, durable goods orders are stagnating. Fall in initial jobless claims is clearly being offset by inflow of people into the workforce; job creation still weak.