Spain And Italy Got Slammed

Stock markets are tumbled in Europe.

France fell 0.6%.

Germany fell 0.1%.

Spain fell 1.2%.

Italy fell 1.7%.

Earlier this morning, Spain had a debt auction which went smoother than expected.  However, it was not enough to offset concerns raised by new manufacturing reports.

Manufacturing output fell to a 39-month low in the eurozone.  The tight correlation of this number with GDP suggests the region is sinking deeper into recession.

China also registered another sub-50 HSBC Flash manufacturing PMI number. which means the industry is contracting.  Output hit a 10-month low.

Here’s the Italy’s FTSE MIB:


Photo: Bloomberg

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