Nouriel Roubini is calling it this morning, following a bout of dismal economic data around the world. Europe and the U.S. are "effectively in recession" and there's nothing policy makers can do to save them.
Economy already in recession. Whatever the Fed does now is too little too late
UK in double dip @MarkitEconomics: CBI Trends total orders at -9 in. UK Man PMI highlights real weakness in order books twitpic.com/6onoto
EZ in recession @MarkitEconomics: Flash Eurozone Composite PMI comes in below consensus for the 4th time in past 5 mths twitpic.com/6oneor
China slowing @MarkitEconomics: release saw HSBC Flash China Man PMI remain <50 at 49.4 (Aug:49.9). Output index also <50 at 49.2 (Aug:50.2)
US, Eurozone and UK are effectively in a recession now. And policy makers are running out of policy rabbits to pull out their policy hats
RGE (www.roubini.com) predicted in July a 60% probability of recession in most advanced economies. By now that probability is much higher.