UPDATE II (6:55 AM ET): The rout continues. The DAX is now off a full 2.5 per cent. Dow futures are off 111 pts.
Check out the DAX:
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UPDATE (5:33 AM ET): The DAX is getting killed today, down 2.1 per cent.
That index is leading losses in Europe, which is completely in the red right now. Dow futures are down more than 100 points.
ORIGINAL (4:35 AM ET): European markets are mixed and U.S. futures are off after in the middle of a huge day for economic data.
The DAX is off 1.1 per cent and the CAC 40 is down 0.4 per cent. Italian, Spanish, and UK equities—which were higher in early trading—are quickly erasing early gains.
Global PMI numbers have seemed to disappoint so far, with much of the economic data showing that manufacturing is not growing as much as analysts expected.
The most recent disappointment comes from the U.K., where PMI sank to 45.9—the second biggest fall in 20 years and the worst number since March 2009.
Economic indicators from Europe show a continued discrepancy between the North and South. Unemployment data from Germany out yesterday showed that the percentage of the working population without a job has dipped to a two-decade low—just 6.7 per cent.
Meanwhile, the unemployment rate in Italy climbed to 10.2 per cent in April from 10.1 per cent in March. That latter number was revised sharply higher.