As we recently exclaimed, European macro data is deteriorating rapidly (even as talking-head after talking-head simply ignore this ‘fact’ and steer investors into EU stocks because, well, they are going up). That “Europe is recovering” meme appears an unarguable truth – except when you look at the truth of the following chart.
Top-down…
and bottom-up.
There is a silver lining: as nobody can afford cars, more and more Europeans will ride bikes. Oh wait, it was America that had an obesity epidemic. Oh well.
Source: Natixis, Goldman and @Not_Jim_Cramer
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via Zero Hedge http://feedproxy.google.com/~r/zerohedge/feed/~3/dFGNSVrGGa4/story01.htm Tyler Durden