silver structural lining, according to a Goldman Sachs study. Although pointing to a second straight quarter of recession, the recent surveys are consistent with the economic rebalancing that the single currency area needs, the bank said.
Germany is gradually stimulating domestic services, while Spain's export sector is faring better at the expense of construction and public services.
In sum, Goldman suggests, Spain is an economy where the all too obvious pain of the current recession may be obscuring an ongoing, necessary and broadly effective restructuring.
As for the United States, October data on housing starts and building permits due on Tuesday might show some payback after a strong September.
But McCarthy with Jefferies said he was confident that housing was in the early stages of a long-term rebound.
What I like about it is that it's balanced and a gradual process, not a boom, which means it'll probably have longer legs. Housing typically leads recoveries. This time it has lagged, which means as a consequence that the recovery itself could have longer legs, he said.