European markets were up in the very early going, but they have now turned red across the board.
Most of them seem to be down around in the 0.5% range.
A culprit: Fresh inflation data from Eurostat that shows inflation is still running hotter than expected.
Per Eurostat, April inflation was 2.6% (.pdf), a bit higher than the 2.5% expected.
But given the famously inflation-minded ECB, this marginally pushes against rate cuts, and so it’s bad for markets.
What’s going on in Italy is especially cruel. Check this out.
#Italy April inflation: 3.8%. Fuel price +20.8% y/y, highest increase since 1996, and highest fuel price inflation in developed world.
— Alberto Nardelli (@AlbertoNardelli) April 30, 2012
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