Macro is priced in


A&G Banca | The last macro data from November are generally better , but as the indexes of economic surprises point out, the rebound is less remarkable than the consensus forecast.

There is a rebound in the manufacturing sector from very depressed levels, but the deterioration in the services sector has continued. 

As the figure shows, stabilization is more than priced in-  that is why we do not expect the macro to boost the stock market from the current levels.