Monday Morning Recap: Concerns Over European Debt Crisis Weigh Down Global Markets – Morning Notes

– Heavy selling across global indices today
– Pressure was largely driven by Greece downgrade (by Fitch) from late Friday along with Italy downgrade (by S&P) over the weekend
– PMI data were weak this morning, which is not helping the indices
– China HSBC PMI came in weaker than expectations
– Shanghai Comp closed down 2.9%; Hang Seng closed down 2.1%; Nikkei closed down 1.5%
– Eurozone Manufacturing PMI came in not only lower than expectations, but at the lowest level since October 2010
– In particular, Germany and France PMI showed notable declines in Manufacturing PMI
– All the above out in Europe is only adding fuel to the concerns around European debt crisis

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