Europe Sinks Ahead Of US Jobs Data And Crucial Weekend Elections

Car Sinking

Photo: Brian Tomlinson via flickr

European shares are off this morning, as concerns about U.S. jobs data and a huge weekend of elections spark investor trepidation. So far, the DAX is down 0.6 per cent and the CAC 40 is 0.7 per cent in the red.Spain continues to be the anomaly—with the IBEX 35 trading 0.9 per cent higher.

U.S. futures point to a slightly higher open, though all this could change with a highly anticipated jobs report at 8:30 AM ET.

So far this morning, eurozone PMI numbers come in ugly. The latest reading of Markit’s PMI index for the eurozone showed that business activity fell from 49.1 in March to 46.7 in April, showing that private-sector business activity is contracting sharply across the region.

UPDATE: Despite the disastrous PMI numbers we’ve been talking about, we now have a bright spot: retail sales. Retail sales for the euro area grew at a pace of 0.3 per cent month-over-month, versus expectations of an 0.2 per cent decline.

Markets do not seem to have paid much attention to this announcement, however, as most European markets have extended losses (though Spain has extended gains). The DAX is now off 0.9 per cent. 

NOW READ: 12 Big European Issues That Should Keep You Up At Night >

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