Markets Are Tumbling In Europe

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[Updated at 9:40 EDT.]Happy July 4! Markets are tumbling in Europe!

It’s going to be a quiet day because of the lack of US trading, but let’s be honest, the European market is the only market that really matters, and it’s down.

Italy is off 1.4%.

Spain is off about 1.3%

Germany is off 0.7%.

There have been a string of mostly negative (but expected) service PMI reports, although Germany’s did dip below 50.

Other than that, the world awaits the ECB tomorrow.

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