While U.S. investors are toasting their last marshmallows of the summer, those overseas will be busily trying to decipher the meaning of Monday's PMI surveys. The next two weeks offers a deluge of data, especially in Europe, that should give a good picture of its economic status. The data are expected to provide confirmation of EMU weakness, especially in Germany but elsewhere as well. With Germany in the throes of its national campaign, the data are bound to play a role in the Sept 22 election. The news from Asia will no doubt confirm worldwide weakness. The bottom line is that the rest of the world continues its dependency on the United States as the engine of growth. The lack of badly needed structural reform in Europe and especially in Japan continues to hamper economic efforts.

The markets will be relieved when the anniversary of September 11th and its reminders are behind them, although no one - especially those of us who were there that morning - can ever forget.

International Perspective will be on vacation next week.
The next weekly letter will be available on September 16th.

Last Week's Highlights   •   Global Stock Market Indexes   •   Recap of Global Markets   •   Currencies   •  Indicator Scoreboard

The Bottom Line   •   Looking Ahead