With the Santa Claus rally now behind us (and a dismal failure this year), today saw markets start the process of getting back to normal and along with that more macro disappointment as Manufacturing PMI fell from its preliminary levels, Factory Orders disappointing, and Durables revised down bigly. ‘Soft’ data continues to trend lower since Trump was elected (which is odd given most of the sentiment surveys are higher and enthusiastic post-Trump)…
Source: Bloomberg
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