Photo: david.nikonvscanon on flickr
Markets are showing some resilience in Europe, even after a one-two punch of bad news.England’s FTSE 100 is up 0.1%.
France’s CAC 40 is up 0.6%.
Germany’s DAX is up 0.5%.
Spain’s IBEX is up 2.0%.
Italy’s FTSE MIB is up 1.6%.
Earlier this morning, we learned that business confidence in Germany, Europe’s largest economy, fell for the third straight month. The IFO Business Climate sank to 103.3 in July, the lowest reading since March 2010.
According to a preliminary reading, UK GDP shrank 0.7% in Q2, which was much worse than the 0.2 per cent decline economists were looking for. This was the third straight month of declines.