OK. Very important news about econ. condition (manufacturing PMI) in 3 countries yesterday less then 50 which means recession, Friday's summit is still no deal as all 17 countries need to agree and 2 countries already said no to eurobonds. how the f.. all market is going unstoppably up?? Can someone explain what the hell am i missing?
US risks tepid recovery turning into recession, IMF warns
The fund added its voice to a rising chorus of concern that sharp political divides in Washington mean that the world's biggest economy will fall off what has dubbed a "fiscal cliff" in less than six months time. As it stands, the expiration of George W Bush's tax cuts on December 31, and the start of more than $1 trillion in spending cuts in January, mean the US is facing a severe fiscal headwind just as growth is slowing. Fears are increasing in the US and beyond that Republicans and Democrats will fail to reach agreement over how to temper the pace of the deficit reduction in 2013, alongside delivering a long-term ... (full story)