This note is a guest contribution by Bespoke Investment Group.
Two months ago, it was generally considered a slam dunk that the EU economy was going to sink back into recession. Two months later, though, the double dip is missing in action. Today's release of EU confidence in the manufacturing sector for July rose from -6 to -4. While still negative, this represents the highest reading since May 2008, and the 16th straight month without a decline.
