The brief rebound in US manufacturing after the hurricanes appears to have ended as Markit's PMI dropped from 54.6 to 53.9 as new orders slowed amid soaring inflation. For once ISM Manufacturing also agreed with PMI - dropping to its lowest since July - with employment and export orders sinking.
While new orders slowed, the most notable item in the PMI data was that inflation is surging...
First Fact….The Nasdaq tech train trend is up and has NOT derailed at this time, nor has it slowed down!
Below looks at the Nasdaq Composite index over the past 20-years-
CLICK ON CHART TO ENLARGE
Having ramped on Tax hopes into the open this morning, some relative chaos erupted as the first trading day of December opened...
Dow was dumped at the open, S&P fell back red, and Nasdaq dumped and pumped...
All major indices are back in the red...
Apparently German government officials have finally woken up to the realization that it's utterly ridiculous to use tax revenue generated primarily from middle and low-income households to fund subsidy payments to rich people buying $100,000 luxury sports cars. As Business Standard notes this morning, the German Federal Office for Economic Affairs and Export Controls announced that it will no longer subsidize the Tesla Model S as it can not be delivered in a configuration that meets the 60,000 euro price limit.
Authored by Steve H. Hanke of the Johns Hopkins University. Follow him on Twitter @Steve_Hanke.