Nick, you are correct, I did say I don't see a recovery in the US market read economy. I see improvements, but don't expect these to be long lasting. I think this is the article you reference:
US recovery performs vital role for HSBC
The point I missed I see the article talking about bank performance rather than US economy performance.
Just on my Facebook page and an old hometown friend, who works for the Broookings Institute, posted this and the results were worse than he thought:
http://www.census.gov/manufacturing/m3/prel/pdf/s-i-o.pdf
I looked at the article and there is a taped interview with their banking correspondent. I think the article talks about the turn around in the banking industry, and the large reduction in bad debts which they had a year ago. The article talks about its total bad debts and the 60% US share of the bank's total loan losses. Considering how bad the US banking sector was 18 months ago, the industry has substantially recovered.
I think the article talks about HSBC's improved performance in the US market rather than a turn in the US economy.
I have read enough scare stories (yes from the right) about what will happen when the Bush tax cuts expire at year's end. I don't want to post these because they don't represent a balanced view, which is what I always try to post. If I get accused from the left, then I am doing my job, and if accused from the right (here I have fallen down !!), then I am doing my job.
Off to the gym, back tomorrow.