Never underestimate the equity market’s capacity for blind bullishness. Especially these days when robots have turned reflexivity systematic.
Even permabullish Goldman is baffled by today’s excitement:
Last week’s DM composite flash PMI increased by 1.4pt in March, reflecting an expansion in services (+1.6pt) from the further easing of Omicron restrictions – however, forward-looking components declined sharply. Also, uncertainty around the Russia/Ukraine war drove the Germany’s Ifo business climate index well below consensus.
