The Global Market Rally Is Fading

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Stocks are giving up earlier gains in the European trading session.England’s FTSE 100 is up 0.43.

France’s CAC 40 is up 0.1%.

Germany’s DAX is up 0.1%.

Spain’s IBEX 35 is down 0.8%.

Italy’s FTSE MIB is down 0.3%.

German finance minister Wolfgang Schaueble told a German radio program that giving Greece more time would mean giving it more money.

The latest European manufacturing PMI numbers continued to reflect contraction in the sector.

Overnight, we learned China’s manufacturing sector was contracting at the fastest rate in 9 months. This raised concerns that the world’s largest economy and most important growth engine may experience a hard landing.

Markets initially traded higher, perhaps on hopes that weak economic data would encourage more easy monetary policy.

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