In case you missed them, there were some really significant economic stories today.

-- The BRICS are back. This has been an a growing meme, that emerging markets have been poised for a rebound, but today's PMI data confirmed it. There were strong numbers in China, India, Indonesia, Brazil, and South Africa. Only Russia was weak, but they're their own thing.

-- Europe stabilizing. This was seen on three fronts. One was that Eurozone PMI hit an 8 month high. Two was that yields fell everywhere, notably in Italy, Portugal, and Greece. And three is that in Greece specifically there's suddenly a lot of optimism, that a corner may have been turned towards debt sustainability. If nothing else, more was done in the latest bailout deal than in previous ones.

-- US is the sick man again. At least in this mini-cycle, as today's weak ISM confirmed, the US is looking like the laggard. Sandy and The Fiscal Cliff aren't helping.

-- The GOP Fiscal Cliff counteroffer. Boehner tried to come off as moderate. Signs continue to point to a deal.

-- Light Vehicle Sales hit a 5-year high in November. Some was a bounceback due to Sandy-related delays. Still, the trend is clearly in the right direction.

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