Good morning! And welcome to Wall Street’s official start of summer.
Markets are falling today, particularly in Europe, where German stocks are down 0.9% and Italy is off 1.2%. France’s CAC-40 is off 0.66%.
It’s Flash PMI day. Chinese manufacturers have unexpectedly accelerated, as the impact of the latest Beijing “mini-stimulus” has been felt.
But European data is really week. French industry continues to shrink, while Germany expands at a weaker pace than expected.
The US will still be mourning its heartbreaking tie to Portugal today.