If we look at the list of key macroeconomic data published in recent weeks, we can not use a better definition than “disappointing”.

The slowdown in the eurozone is evident and more pronounced than even the most pessimistic expected. Both industrial production, consumer confidence and indicators such as the trade surplus have deteriorated sharply. But there is growth. Despite the bad data, the Italian recession and the fact that the European Commission has had to revise down by more than 30% its own estimates from a month ago, Europe will likely grow in 2019. Continue reading Back To Fundamentals →