Construction up despite the gloom

E ven though the beginning of February saw adjustments on the Asian and European markets, US trading floors continued to enjoy a green period. The economic data was good enough to inject optimism into investors' minds, while the publication of disappointing data has dampened the belief that the US central bank will turn off the money tap (currently at the level of USD 85 bln per month). All the good vibes have been amplified by the improved prospects of avoiding going over the so-called fiscal cliff. In Europe the situation has become relatively stable. The EU summit ended with the adoption of the European Union budget; however, the macroeconomic data leaves us under no illusions about the weakness of Europe's economy and the desperate situation of Greece and Spain, both of which have seen their unemployment rates shoot up to over 20 pct. Such a background makes you appreciate the small things, such as the January growth in the indexes that reflect the health of the German economy - b