1. Headline manufacturing PMI numbers in China and Japan appear to show a bit more momentum in the latter...but company margins are still under pressure and that is not good for Japanese wage trends.
2. The turnaround in the AAII sentiment index worries me...
3. Compensation growth remains very, very poor in this (US) recovery...
...but at least job security is high apparently.
4. The above, which not satisfactory, is better than in Europe where the latest PMI numbers show 'selling prices have fallen in each month since April 2012, with the latest cut the sharpest in three months'. This point is reiterated by corporate margin numbers issued by Ahold.
5. Talking about Europe...what an interesting chart: