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Synchonized Emergence from Soft Patch?
There has been plenty of developments warning of a global economic slowdown. Yet, seemingly to justify the continued advance in equity prices, there has begun to be talk of possible cyclical and global rebound. That is the new constellation, connecting the better than expected Japanese, South Korean, and Chinese September industrial output figures, a slightly stronger than expected Q3 GDP reports from the US and the eurozone. Ahead of the weekend, China reported an unexpected increase in the Caixin manufacturing PMI and a sharp rise in the forward-looking new orders component. The US labor market, which helps drive ... (full story)