China, Europe and the US all released new economic data on Thursday, some of which was somewhat surprising. What does Cramer make of it?
If you're a bull, these surprises couldn't be better.
China PMI came in better than expected, rising from 50.3 in July from 50.1 in June. Not only did China PMI advance but more important it came in better than expected - consensus estimates were for 49.9.
That's significant. "Anything south of 50 is contraction. Given that we expected contraction the modest expansion is big," Cramer said.
Next Euro Zone PMIabsolutely wowed Wall Street. This measure of manufacturing activity grew for the first time in two years. Specifically, the purchasing manager's index (PMI) rose to 50.3 in July, up from 48.8 in June and above a flash estimate of 50.1.
The data suggests that the worst, may in fact, be over for Europe.
"And on the news aerospace rallied. "The Street's presumed that European and Asian players have been cutting back on their orders because of weak finances," Cramer said. Perhaps that's not the case.