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Europe has not been the model of economic health for a couple decades. The best of times looks like +1% GDP. And the rest of the time is at stall speed or a recession.
The sad fact is that Europe just doesn't matter that much anymore to the US economy and stock market. That is why Thursday's news of a greater than expected contraction of -0.6% was met with US shares still moving up to yet another high.
To be clear, I am not saying that Europe doesn't matter at all. Most certainly a deep recession or debt implosion would spell troubles here in the States. But we can easily weather the mild to medium recession they are experiencing now.
Today brings a set of 3 US economic reports (Empire State Mfg, Industrial Production, and Consumer Sentiment). The tidings within those announcements will have much more bearing on the US market then what is happening across the Atlantic.
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