CHART OF THE DAY: Germany's Worst Industrial Production Since 2009

In other news from my man DDDD (i.e. The Cycle data that’s driven ALL of these rate cuts, all-time lows in rates, etc.):

1. INDUSTRIAL PRODUCTION – this was the worst Industrial Production print out of Germany since NOV 2009. Not much else needs to be said about a -5.2% year-over-year growth rate of manufacturing in one of the world’s largest manufacturing economies. Argentine IP and Mexican Capex were even worse than that in JUN and MAY, respectively.
2. EXPORTS - I haven’t seen a single Export Growth rate come out of any key Asian export hub in months that would’ve confirmed the hopeful narrative of investors chasing US Semis stocks to the highs of a couple of weeks ago. Taiwan is the latest country to state plainly, “the global semis cycle has not yet bottomed”.
3. INDIA - cuts rates and stocks closed down on the news. It’s fascinating to watch the delta between the institutionalization of performance chasing in the USA vs. how the rest of the world’s financial markets actually price economic risk.

For those of you who haven’t met him yet (we’ll be in Boston meeting Institutional Clients for the next 3 days), The DDDD remains The Data Dependent Darius Dale.