The Morning Rally Has Now Evaporated: Spain And Italy Are Getting Pounded Again

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Last night, when Asian trading started cranking to life for the week, markets were looking really bullish.

A strong Chinese PMI report caused the Aussie dollar to rally, along with the Nikkei.

Then those indices weakened, and only ended their sessions with modest gains.

Europe started off OK, with core Europe (Germany and France) rallying, but ultimately the string of weak PMI reports from across the continent has proven too much for the bulls to withstand.

Germany’s DAX is now flat on the morning.

France is down 0.3%.

Italy is off 1.3%.

Spain is off 1.5%.

What’s gone from a hopeful day has now gone to a read day. US futures are basically flat.

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