European stocks are tumbling

European equities are tumbling this morning, with every major index down by more than 1%. 

Here’s the scorecard:

France’s CAC 40: -1.96%

Germany’s DAX: -2.22%

UK’s FTSE 100: -1.74%

Spain’s IBEX: -1.82%

Italy’s FTSE MIB: -1.42%

US futures are down too: The S&P is 10.75 points lower and the Dow is down 101 points. 

Asian markets were mixed: The Hang Seng sold off, ending down 1.12%, but the Shanghai Composite Index closed 1.56% higher. Japan’s Nikkei was basically flat, closing 0.02% higher. 

There’s been no European data this morning so the stumble doesn’t have an obvious explanation. Eurozone GDP figures for the first quarter come out tomorrow, and will give an indication about the strength of the recovery.

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