Jumping off the Fiscal Cliff
The recovery is officially “W”-shaped
…and numbers coming out of Germany and France look particularly strong.
…while the manufacturing PMI reached a six month high of 51.8.
And the composite figure of manufacturing and services together is right smack at 50.0.
Remember, a reading above 50 indicates growth in output. So the Composite figure being right at 50.0 means the private sector is exactly on the knife’s edge between expansion and contraction.
Brooks Brothers received a bid from Sparc Group to buy the bankrupt entity at $305M. This is quite a tidy sum, to be sure – but there could be other suitors, such as the Italian Giglio Group, or even WHP Global, a syndicate of Blackrock and Oaktree. It’ll be interesting to see if there will be another bid before the August 5th deadline.
And lastly, gold rides higher, soaring past the 1900 level to set a new record…
Meanwhile the U.S. Dollar index continues its slide….
If you’re interested in these topics there are two Real Vision interviews you need to watch. One is Hugh Hendry and Luke Gromen, who did a masterclass on the dollar. That came out today. And then on Tuesday, the great Lyn Alden will be back to provide an update on her views on the gold, silver, bitcoin, treasurys, and of course, the almighty dollar.