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It’s getting ugly out there.China’s HSBC Flash Manufacturing PMI number fell to 48.1 from 49.6 a month ago. And a reading below 50 signals contraction in the sector.
This is not good news, especially on the tail of other anecdotal warnings of slowing in China.
Hours later, the Markit eurozone PMI number unexpectedly fell to 48.7 from 49.3 in February. Economists were expecting the number to rise to 49.6.
Markets are selling off across the world.
England’s FTSE 100 is down 0.8%.
France’s CAC 40 is down 1.4%.
Germany’s DAX is down 1.4%.
Spain’s IBEX 35 is down 1.4%.
Italy’s FTSE MIB is down 1.1%.
U.S. markets are looking at a negative open right now. Dow futures are down 70 points.