Horrible Slump In European Auto Market And Grievous Cut To German Growth Outlook Are Things That Don’t Matter, Yes?

While documenting the latest China stimulus headlines (out Wednesday just hours after Beijing turned in blockbuster activity data that ostensibly bolsters the nascent reflation narrative), we noted that European autos are having (another) good day. We've been down this road before over the past few months (no driving pun intended). The SXAP entered a bull market this month, something we described as perhaps a bit premature considering the still gale-force winds facing the German economy and the