Business

After a brief hope-strewn bounce in September and October, world trade volumes have reverted to their recent stagnating growth trend, drooping 0.1% MoM in November as world industrial production swoons 0.4% MoM. On a smoothed year-over-year basis, world trade volume growth is decelerating at the fastest pace since Q4 2012 (right before QE3 was announced to save the world) and world industrial production growth is near its weakest since Q4 2008.

Excerpted from Doug Noland's Credit Bubble Bulletin,

With the fourth quarter earnings season in progress, some 15% of S&P 500 companies have already reported resulted for the past quarter, and while 73% have beat EPS thanks to such pathetic gimmicks as Intel's effective tax rate collapse, less than half of companies (or 49%) have beat on the top line.

Submitted by StealthFlation Guest Contributor,  Clint Siegner – Money Metals Exchange

A troubling preview of what's ahead from Morgan Stanley's chief cross-asset strategist Andrew Sheets.

What To Make Of It All?

There are still 240 trading days left in 2016, and plenty of questions that need answers. How bad is the global economy? Is oil the driver of markets or a convenient excuse? How much bad news is really in the price? What could realistically improve things, tactically or strategically?