Markets Are Drifting Lower

Good morning!

Markets are very quiet, though after starting flat they have drifted lower a bit. German stocks are off 0.4%. US futures are down around 0.2%.

The big event today is European PMIs. Composite PMIs fell slightly from last month, but nothing too significant. The trend towards mediocre growth for the Eurozone is intact, for better or worse.

This stacked week for data continues today, with the ADP jobs report, the ISM Services report, and the trade balance.

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