Main message of the day: it's quiet out there. After the collapse, and after the rebound comes this period, when things look surprisingly normal.
All over the world, too. Australia's exports fell 21.9% yoy and were 1SD below trend, but its core industrial commodities businesses did OK: iron ore up 4.5% yoy, copper up 37.3%. And although exports to China fell 14.1% yoy, that's considerably better than the average.
In Europe, Germany's August factory orders were also near-normal, up 4.5% mom and down only 2.2% yoy, with domestic orders up 1.7%, export orders up 6.5%.
And in the US, we had normality in the JOLTS job openings: not only were the 6.5mn openings almost unchanged from July, so also it was for hire, separations and quits. Meanwhile, August's 2.2% mom rise in exports was also . . . well, normal.
