Better economic data is taking the edge off the 'economic slowdown' narrative that has been plaguing the market.
"Today's economic data is taking some of the edge off of the 'economic slowdown' narrative," said Alec Young, Managing Director, Global Markets Research, FTSE Russell.Rising earnings could justify the high earnings multiples for the market.The marginal mover of stocks this year has been the Federal Reserve, trade, and the global economic slowdown, led by weakness in Europe and China.
But even that narrative may now be changing. U.S. job growth in October was strong, with upward revisions in August and September. Wage growth of 3% year-over-year is good, but not so strong to spark inflation concerns. But that narrative could also change: "Better economic data would force traders to re-evaluate flat or low earnings growth for 2020," Nick Raich at Earnings Scout told me.
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