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Yesterday, we had services (Markit data) for the Eurozone & the USA 🇺🇸🇪🇺 higher while China softened 🇨🇳.

Let's look compare services & manufacturing. In China, they go together, which make sense as manufacturing spills over the service confidence (Caixin) 👇🏻.

What about Europe?
In Europe, the divergence b/n manu & services WIDENED (meaning manu stuck in low gear while services stabilize at expansion mode).

Why? Could it be that manufacturing is TRADEABLE & reflects global slowdown & auto while services are NON-TRADEABLE?

EU fundamentals strong? 🧐
Using ISM data (US service ISM out tonight), the trend is the same that of the Eurozone, meaning services & manufacturing WIDENED.

So, does this reflect USA fundamentals? As in non-tradeable sectors doing well v manufacturing which reflects GLOBAL DEMAND as manu tradeable?
🧐🇺🇸
Notice that for all these charts, I used double Y-axis but key is that the scale is the same for both sides. When you read a chart, make sure you see that the scale is the same & if it is not, it has to be indicated otherwise author tries to manipulate perception...
#charttips 🤓
Comparison between USA, Eurozone & China manufacturing 🇺🇸🇪🇺🇨🇳

Notice that US & EUR lines trend together downward while China diverge for an UPSWING (Caixin data).

Question: Are we positioned for a cyclical upswing of manufacturing in the US?

@Lavorgnanomics thinks so 👈🏻👈🏻👈🏻
@Lavorgnanomics What about services? Chart below shows services converging for the USA, Eurozone & China (US service ISM tonight) w/ China trending lower while Eur & US up.
Markit:
China 🇨🇳 52.5
Eurozone 🇪🇺52.8
USA 🇺🇸52.8

ISM services tonight & markets expect a bounce to 54.5 for Dec from 53.9
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