This morning's report that the US trade gap narrowed due to a jump in exports follows data out yesterday in Germany showing exports improved modestly.
Germany is Europe's largest economy and has been hit very hard by the slump in global demand because of its heavy dependence on manufacturing and sales overseas. What we are seeing in Germany, coupled with the US report, may be more anecdotal evidence that demand in Asia is firming.
I'll be looking for improvement in exports in the coming months as well as commentary and guidance from the multinational corporations that are set to report second quarter earnings.
Friday, July 10, 2009
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