Perhaps Everyone in Europe, Besides the Germans, is A Whiner

The past week was packed.  Mainly, the market focused its attention on Chinese economic conditions, most notably whether growth (whether real or fake) can continue at the projected 7% for the remainder of 2015.

[buffett]

Next in importance behind China was the American labor market.  Month-over-month job growth came in at +173, well below the 217K the market expected, but still in moderate growth territory.  Year-over-year job growth decelerated to 2.09%, a six month low.

Europe

What seems to have been forgotten, although perhaps just as important, is the state of business in Europe.

Last week we saw Manufacturing PMIs out of Austria, Ireland, Germany, Greece, France, Italy, the Netherlands, Spain, and a few others.

Here's a look...