There is a lot of reading. Its for those with a bias to the fundamental data.
The data remains soft or weak recovery, at best. And as WF perfectly asks,
“Five Years, Three QEs and $3.5 Trillion Later, Where’s the Inflation?”
And consider this. In previous nominal bull markets usually occur alongside some rise inflation as money supply and money velocity expands. This years stellar performance has been a real performance that is quite remarkable as it has occurred alongside falling inflation which is registering a barely positive number. This is almost extraordinary, in fact. Of course, ‘non standard’ measures are likely to result in ‘non standard’ responses by asset markets so we should not be entirely surprised by these events.
First up here the excellent monthly economic report from the usually optimistic WF.
WF-MonthlyEconomicOutlook-15-11-13
Here their weekly report
And here the CS take on the US economy.
And here CS on the critical fixed income markets with their linkage to economic fundamentals.
And here CS on the euro credit markets
cs-eurocredit-chartpack-11-11-13
Here Scandia coming at the FX markets from a fundamental perspective.
Here a set of country specific economic reports from BarCap – Focus Japan.(Nik225 breakout intact,note)
Part2 here –
And here WF with a sector focus from an fundamental macro perspective on commercial property.
A lot more reports to come but a lot of reading there above.
All the best
Rich