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The month begins with modest selling.Europe is down across the board, although not with any vigor. It’s just a drift. Everyone’s tired after the crazy, news-filled week.
US is down. Most commodities are down. Silver is looking to break back below $34.
While today isn’t expected to be wildly news-driven, by the end of the day we will get a big slew of PMI numbers.
Chinese manufacturing PMI came in a little bit weak. Italian PMI just came in negative, crucial since there’s so much interest in the country’s sovereign debt situation.
The US ISM later will be closely watched.