Today’s European periphery data points are bleak

Summary: Despite all the talk of recovery in Europe, the data suggest that the improvement in Europe is uneven at best now. The core has moved into a cyclical upturn but a lot of work remains in places like Italy and Greece. Today's data points underscore this point.
My macro outlook for Europe is positive. If ones looks at the chronology of events it is clear that both fiscal and monetary conditions are easier today than they were last summer before the OMT was released and Europe was still go...

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