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Stocks are higher in Europe just a few minutes into the trading day after a day of nasty losses in Asia. The DAX is trying to build on gains of +0.30% and the CAC 40 is up +.21%.
U.S. futures are also slightly higher.
Analysts are blaming investor concerns about weak data for that Asian slump. The Nikkei fell 1.11% and the Hang Seng closed down a similar 1.14%.
It’s a light day for data today, so in the absence of some unexpected action investors will probably be focused on lingering concerns about a hard landing in China and European woes.
UPDATE (5:53 AM ET): Nearly two hours into trading, the momentum leading this rally is starting to turn around. The CAC 40, DAX, IBEX 35, and FTSE MIB are all down slightly, and only the FTSE 100 is hanging on to gains.
UPDATE II (6:13 AM ET): European markets are beginning to extend losses here, with a sharp drop in just the last 20 minutes.