Companies are in the process of announcing their first quarter earnings. It's worth noting that since the beginning of the current earnings cycle (Q2 2007), the pace of earnings growth has been pretty poor.
WASHINGTON (Reuters) - The U.S. economy likely grew at its slowest pace in nearly two years in the fourth quarter as businesses added less stock to their warehouses and government spending fizzled, setting it up for a difficult start in 2013. Gross domestic product probably expanded at a 1.1 percent annual rate, braking sharply from a 3.1 percent clip in the third quarter, according to a Reuters poll of economists. That would mark the weakest growth pace since the first quarter of 2011 and it would show the economy entering the new year with little momentum.
(Reuters) - China's economic growth held steady at 7.3 percent in the fourth quarter from a year earlier, slightly better than expected but still hovering at its weakest since the global financial crisis, keeping pressure on policymakers to head off a sharper slowdown.
Much as the 3rd grade Markit US Manufacturing PMI 'beat' was blamed for the furious rally last Thursday in stocks, it appears bad news in the form of today's 3rd grade Markit Services PMI 'miss' is (rightly) completely ignored by the market. While the Services segment of the economy is vastly larger and more important for 'guessers', it seems USDJPY would not provide the juice this morning as this is the weakest services performance in 4 months.
The wheels seem to have fallen off (job growth), and that might position the housing and consumer markets to face a little bit greater risk
Canada Friday will probably report it added 20,000 jobs in August, economists say, a level that would keep it on track for the weakest annual payroll growth in a non-recession year since 2001.
The rosy eurozone growth estimates of a few months ago have bitten the dust already with the possible exception of Germany. The Markit Flash Eurozone PMI signals slowing growth for second successive month in November, with France leading the way.