Global growth ain’t what it used to be.
Hopes for the US to lead the worldwide economy out of the ‘new normal’ in 2013 fade every day with Congress locking the keys to the vault. The 2.00% consensus estimate for 2013 full-year growth is likely headed lower and the Fed’s 2.55% composite is drifting toward laughable.
Europe is in recession and Spain just shaved another full point of its growth forecast. Japan, Canada and Australian are all headed for sub-3% growth and China might post its slowest growth since 1999.
The pound sterling up 200 pips since a posting +0.3% quarterly growth compared to 0.1% expected tells you all you need to know about the girls at this beauty contest.
