Small World

(1) The global index project. (2) World MSCI forward revenues and earnings flat-lining. (3) World forward profit margin below previous peaks. (4) Big drop in profit margin of emerging markets reflects rising labor costs. (5) The upside case for Europe. (6) Europe has weak revenues, weak margins, and a low P/E. (7) Another manufacturing index is looking up in Europe. (8) Germany is slowly, but surely, improving.