Markets Are Rallying After Big String Of Ugly Data

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UPDATE: We’ve just wrapped up the bulk of global PMI numbers, and the gist of these surveys of the manufacturing economy is: Ugly, but in line with expectations.So the market reaction is fairly ho hum, with many markets shading slightly negative, but not dramatically so.

Markets are now totally digesting the news, and rallying anyway.

Italy, for example, is up 0.99%.

Germany is up 0.3%

France is up 0.5%.

US futures are basically flat.

Remember, this is going to be a strange week, with lots going on, but quiet due to the mid-week holiday breakup.

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