Global economic data is improving

Global economic data is improving as the world economy recovers from a pandemic-driven downturn. The Eurozone Citigroup Economic Surprise Index has surged as European economic data beat expectations:

Better-than-expected economic data was mostly a bullish factor for European equities over the short term:

And this was even more bullish for Germany equities:

Improving global economic data is coupled with a rebound in global earnings revisions. The Global Earnings Revision Index has surged after crashing during the worst of the pandemic-driven recession:

When this happened in the past, the S&P 500 usually pushed higher over the next 6 months, even though stocks could pullback in the short term: