European Markets Are Tumbling

Good morning! European markets are down early Tuesday, following some grim news from Germany’s manufacturers.

Here’s the scorecard:

France’s CAC 40 is down 0.69%

Spain’s IBEX is down 0.84%

Italy’s FTSE MIB is down 0.14%

Britain’s FTSE 100 is down 0.68%

Germany’s DAX is down 0.66%.

Asian markets closed mixed. The Nikkei closed down 0.67%, while the Hang Seng closed up 0.25%.

U.S. futures are down a little, with Dow futures down 48 points and and S&P futures down 5.6 points.

It’s a slow day for data. German industrial production dropped 4% from July to August, versus an expected decline of 1.5%. Industrial production numbers for the UK are out at 4:30 a.m. ET.

In the US later, consumer credit change data comes out at 3 p.m. ET, and there are speeches by Fed policymakers Narayana Kocherlakota and Bill Dudley.

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