Brazil records a 2.7% GDP growth for 2011, and all I kept hearing today by Bob Pisani on CNBC was how the GDP disappointed. What he failed to mention during each of his sound bites was that estimated GDP growth was 2.8%. Brazil missed its GDP by 0.1%. Yup, 0.1%.
The next "disappointment" was China's targeted 2012 7.5% GDP growth. Obviously nobody remembered when China first stated they were going to reduce its target. Feb 23rd was when the world got the first whiff of a "target of less than 8%", with the medium estimate being 7.5%.
Funny thing, industrials, oils and materials did not start their decline when the 7.5% China GDP target was first announced. It started around 4 days after, and without Oil (the commodity) declining until today. And we are suppose to believe industrials, oils and materials continued their decline because of a Brazilian GDP that was off by 0.1%?