1. Moody’s estimates - 1.5% for Europe this year and next year? Sounds below trend to me (still):
Globally, Moody's cuts US GDP forecast to 2.4% for 2015 and sees China's growth declining to 6% in following years. Wonderfully lampooned below:
2. So volatility is back for the Chinese market...but the more I think about it the key is centred (at least today) on the decision to expand other support mechanism (and maybe less shorter-term interest rate reduction potential). Link here.
3. I write up my thoughts on the Wal-Mart numbers...which included another earnings downgrade:
4. Far too many interesting charts around the new fund manager survey...capitulation?
5. And linked with the above, a really interesting global earnings direction chart. Emerging markets are way out-of-favour with bad earnings momentum.