We said something similar on this day last month, but the latest batch of PMI data is confirming that the world economy is still rolling over.
- Chinese PMI slipped, and is just above 50.
- Italy has gone negative.
- Spanish PMI was already negative, and went further negative.
- German PMI of 54.6 was just below 54.9 expectations.
- UK missed: 51.3 vs. expectations of 52.1.
The capper on the day — ISM for the US — comes out at 10:00. Expectations are for a 51.1, but plenty expect to see a negative reading.