Stocks Are Dropping In Europe

RTR420EEREUTERS/Luke MacGregorEuropean markets opened under a cloud this morning

A succession of gloomy news stories have European markets down this morning. France’s CAC 40 is leading the drop, down by 1.62% so far this morning, after yet another PMI drop for the struggling economy.

The FTSE 100 is following, with a 1.26% decline. The pressure on Tesco still isn’t letting up, down by nearly 4%, and shares in pharmaceuticals firm Shire are down 6% on fears that the company’s acquisition by AbbVie will be caught up in a US crackdown on tax inversions.

The Dax is also down by more than 1%. Though the PMI reading for Germany wasn’t too severe, at 54, the manufacturing number was the lowest in 15 months, a bad signal for the export-heavy economy.

Amsterdam’s AEX is down 0.63%, Spain’s Ibex is down 1.12%, and Sweden’s OMX is down 0.56%

Rabobank’s financial research analysts sent out a note this morning titled “desperately seeking good news,” and that’s certainly what it feels like this morning.

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