“The Future’s So Bright, I Gotta Wear Shades,” sang Timbuk3 but helps to sum up the much better than forecasted German ZEW figure which measures the expectations of future economic growth within the next 6 months. It was 56.1 vs the estimate of 45, up from 39.5 in July and is at the highest level since April ’06. Current Conditions however, while improving about 12 points from July and 8 points above estimates is at the highest level since Jan ’09. This comes on the heels of the surprise positive reading in Q2 GDP and the 2nd half recovery belief is a global phenomenon. In 2010 we’ll get to see which countries don’t need the crutch of government largess and which ones still do. Chinese stocks rebounded 1.4% and set the tone for a global bounce. PPI and Housing Starts are out today. UK CPI suprised to the upside.
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