The World’s Three Largest Economies Are in Recession
by Phoenix Capital Research
ZeroHedge.com
11/02/2015
The central dynamic of the last 12 months continues to dominate financial market price action.
That dynamic is:
1) The global economy is contracting with former engines for growth (Emerging Market economies, particularly China) growing little if at all.
2) Financial markets continuing to rally/ hold up in hope of additional monetary measures by Central Banks.
Regarding #1, the recent spate of economic data is absolutely awful:
1) In China, the official growth numbers suggest GDP is growing by 7.3%, however…
China’s electricity consumption suggests GDP growth is 3% at best.
China’s rail freight volume for the first eight months of 2015 fell 10.1% from the comparable period in 2014.
China’s monthly Caixin PMI reading has fallen to levels not seen since March 2009: when everyone thought the world was ending.
August exports fell 5.5% year over year following an 8.9% collapse in July (exports account for 30% of China’s GDP).
The Rest…HERE
