Global growth downshifted this week mildly but clearly the trend remains constructive despite this morning's anemic US payroll data.
The mixed response from markets suggests that there can be a sweet spot for those sectors sensitive to better global growth conditions without an overly aggressive central bank reaction. (See the trading action in Transports and industrials)
Emerging markets like a weaker dollar but they don't like a flatter yield curve, we explain this theory.
Where oh where have all the Euro bears gone? It was only a few months ago when the calls for the Euro to move through parity and the inevitable destruction of the common currency were ringing loud through crossover and macro players. Why have they been so wrong?