A quick reminder: European PMI readings for the month of March come out tomorrow morning.
They’re likely to be very ugly.
Flash PMI numbers for France and Germany were both bad, and there’s no real sign that any data is improving anywhere. There are virtually no green shoots to speak of.
Today it was reported that Spain was again revising down its growth forecasts for 2013.
The endless decline of the economy is the real killer in Europe. That leads to bank stress, sovereign stress, and political stress. Without improvement none of that gets fixed.
We’ll be covering the European PMI numbers early Tuesday.