Thursday, March 14, 2013

Signs of global healing

In addition to the upside surprise shown by US February retail sales yesterday, I am seeing additional signs of global economic healing. South Korean exports, which are highly cyclically sensitive, are turning up (via Business Insider):

As well, the OECD reported on Monday that it was seeing signs of emerging growth in the eurozone, with (surprise!) Germany as the engine:

Economic growth was beginning to re-emerge in the 17-nation euro currency area, the Organization for Economic Cooperation and Development (OECD) said as it released key economic indicators Monday.

The recovery in Europe's biggest economy, Germany, had pushed up an OECD indicator for the eurozone designed to identify turning points in the business cycle, said the organization, which represents senior Western industrialized nations.
The economic clouds are lifting and such an environment is supportive of further gains in equities (see my last post Give in to the Dark Side).

Cam Hui is a portfolio manager at Qwest Investment Fund Management Ltd. ("Qwest"). This article is prepared by Mr. Hui as an outside business activity. As such, Qwest does not review or approve materials presented herein. The opinions and any recommendations expressed in this blog are those of the author and do not reflect the opinions or recommendations of Qwest.

None of the information or opinions expressed in this blog constitutes a solicitation for the purchase or sale of any security or other instrument. Nothing in this article constitutes investment advice and any recommendations that may be contained herein have not been based upon a consideration of the investment objectives, financial situation or particular needs of any specific recipient. Any purchase or sale activity in any securities or other instrument should be based upon your own analysis and conclusions. Past performance is not indicative of future results. Either Qwest or Mr. Hui may hold or control long or short positions in the securities or instruments mentioned.

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