China (FXI, quote) PMI trend not good but really isn’t it more impressive that Japan and U.S. are holding serve despite laboring out there (Wimbledon reference)?
The liquidity squeeze in June might even take these PMI readings lower in July. But do U.S. industrial companies seem to be flinching right now?
Japanese exporters are surging with a weaker currency. The world couldn’t have tolerated a weaker China 2 years ago, now it is taken as a given.
