After several reports showing positive month-over-month GDP growth, today was disappointing as that all important economic indicator reading came in at a flat 0.0%.
On Friday, the final reading of October consumer sentiment indicator slipped slightly from the initial reading, coming in at 82.6.
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Other functions of the Urban Weather Station include a detailed seven-day forecast and a light indicator for reading CO2 levels.
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Although consumer confidence is a lagging indicator, the low reading did not surprise me, and I believe is an accurate assessment of the collective mindsets of consumers at present, given all of the volatility that we saw in the stock market during the month of August.
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The gain came even though the German ZEW economic-sentiment indicator dropped to its lowest reading since December.
Short-dated futures responded more to this less optimistic forward-looking indicator than to the inflation reading given that it is not only backwards looking but also based on the fact that the ECB has already shown its readiness to raise rates on inflation grounds.
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The Stoxx Europe 600 fell 0.2% after Moody's sovereign downgrades late Monday contrasted with positive economic data from Germany, where the ZEW economic sentiment indicator for February rose to its first positive reading since May 2011.
The PMI is a key indicator of the activity in the sector and a reading above 50 shows expansion.
Stocks were off to the races Thursday, after the European Central Bank unveiled a new bond-buying program and a closely-watched indicator for the U.S. labor market delivered an upbeat reading.
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This indicator is triggered when less than 35% of all stocks covered are undervalued, and that reading is currently at 34.7%.
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