Cramer: Yes, Europe Is Turning

Tickers in this article: GE HON IR JCI PPG VFC
Editor's Note: This article was originally published at 7:15 a.m. EDT on Real Money on July 22. To see Jim Cramer's latest commentary as it's published, sign up for a free trial of Real Money.

NEW YORK (Real Money) -- How many companies have to say that Europe has bottomed or has turned up before people realize the turn is occurring?

If you were on last week's conference calls, I think the answer would have been obvious: The turn is at hand, and it could be a big one -- so big that it might serve as a substantial reason that the internationally oriented stocks simply aren't coming in.

Because, after last week's calls, they shouldn't. The evidence is that compelling.

At this point, so many people are skeptical about Europe and any prospective turn that it is almost impossible to get through the din of negativity. It is true that, for years, Europe was doing the wrong thing. It raised rates twice; it didn't adopt aggressive easing; and it went for austerity, except when it came to expensive subsidizing of uneconomic renewable energy.

But that's changed. The European Union is now as aggressive as the U.S. Federal Reserve. Although austerity is still the theory of the day, there are so many signs of improvement that the easing is clearly trumping the austerity measures. Plus, the borrowing costs have come so far down, and the banking situation is so much improved -- even as we scoff at it -- and the political situation so much more solid, that it is a natural that something good could be happening.

The shock is that the good could be so widespread.

But the skeptics demand more. They think the aggregate data are soft enough to suggest that nothing good is happening. I personally don't give a darn about the aggregate data. It is something for the economists to argue about. Plus, euro-hating is so convenient for the angry right-wing folks in the media that they will be determined to dismiss any turn. That's because these people don't care about trying to help you make money -- this is not top of mind, usually because they have made theirs already.

So, in the interest of empiricism, let's go over what was said about Europe by the big international companies that reported last week.