Emerging Money Daily Audi Call August 1 - Despite the obvious presence of earnings season, and the always epic Apple print after the bell, today is all about macro, and asset allocation.
PMIs around the world are providing enough ammunition for those who need higher exports, and manufacturing to boost GDP, to in turn boost EPS estimates. Europe continues to give us the best backdrop for all of this and Germany is the best of the bunch. Not surprisingly, despite a Dollar that weakened further early in the session, the DAX has bounced where it should continue to maintain a bid until the ECB better plays their hand.
Meanwhile Transports, Industrials remain under pressure, and if you removed a few key names (like BA, and VZ) from the weighting you would see the Dow Jones trading quite heavy over the last week or two.
EM meanwhile kissing recent highs and has seen record inflows YTD to this point. How are we trading EM?
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