Weak U.S. consumer confidence and housing data this week suggest more slowing ahead along with Europe’s ills as the near term weight. Hopes for a China boost fade as weakening fundamentals continue. Real structural change and a consumer-driven economy remain the goal but not the reality. With a power transition incomplete until the end of the year don’t expect dramatic upside surprises any time soon. If/when politicians on any continent finally resolve to get more money into the pockets of the middle class, then recovery prospects will finally brighten. (con't)
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