We've talked a lot about the Citi's economic surprise index for the US. Basically it tries to capture the extent to which US economic data surprises on the upside or downside against expectations.

Anyway, Citi has an index for Europe as well, and, well, it's been surging.

It doesn't mean the European economy is growing like gangbusters. It just means that the expectations had grown too pessimistic, and now the pendulum is swinging.

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