December, 2010
Further reading
Elsewhere on Wednesday,
- Solvency isn’t liquidity, eurozone edition.
- A slow-motion tsunami over Europe…
- Partying (and trading) on the Titanic.
- The Jersey Shore theory of recessions.
Pink picks
Comment, analysis and other offerings from Wednesday’s FT,
Martin Wolf: Why Ireland’s crisis is such a huge test for the eurozone
The fault lines in the currency union stand revealed, the FT columnist writes.
[Wilmot's PMI tour] Asia sign-off
One other encouraging sign from the Asian data: export orders are up around the region, mostly by several points. Not surprisingly perhaps, Japan is the one exception.
One less encouraging sign from Asia:
[Wilmot's PMI tour] BRIC by BRIC
So far the news from Asia is good.
Production in Japan and Korea looks set to bounce in the months ahead after a pretty poor run, while China looks likely to cool a bit after four steamy months.
After India and Russia,
[Wilmot's PMI tour] Taiwan supportive
Yet another relatively small share in our global industrial production framework, Taiwan’s PMI New Orders were also very supportive, increasing 5 points after moving sideways for three months. Together with Korea and Japan,
[Wilmot's PMI tour] China – No growth surprise, inflation fears persist
Chinese PMI New Orders rose marginally in November. The headline PMI index rose too and will likely make headlines.
Be warned, however, there is clear (residual) seasonality in these data. A simple procedure to adjust for that suggests PMI new orders actually fell 0.6 points,
[Wilmot's PMI tour] South Korea’s new orders jump
First stop of the day on the PMI odyssey is South Korea.
Like Japan, new orders and IP have been on a pretty steep downward slope since April.
But they jumped back to 50.1 in November (up nearly six points).