Scoreboard: Recurring nightmare

Global stocks took a hit as QE taper fears came back in play, while locally, record low rates could risk a house price spike.

Markets took a beating last night, but it had nothing to do with the economic outlook or the prospects for profit growth. Indeed the economic news, especially out of Europe, was great. In Germany for instance, factory orders surged 3.8 per cent in June, while industrial production in Britain surged 1.2 per cent in the same month. Over in the US, trade data showed exports surged 2.2 per cent in June – bringing exports to a new record – while the trade balance itself fell to a deficit of $34 billion form $44 billion. A key implication of the trade data is that the soft June quarter GDP figure we saw will most likely be revised up over 2 per cent, and possibly even above trend.

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