The Early Rally Has Vanished, And Europe Is Sinking Into The Red

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Photo: Alex Abian via Flickr

UPDATE, SEE ORIGINAL POST BELOW:After early gains, Europe has sunk into the red.

At one point, the big indices were up to the tune of 1%.

But some mediocre GDP data and the fact that, well, it’s Europe, is taking the whole thing down.

Italy’s FTSE MIB is down 0.3% (and its yields are wider on the day).

Spain’s IBEX is down 0.11%.

The German market is now flat on the day.

Futures in the US remain modestly higher.

Meanwhile, Eurozone-wide GDP has come out at 0.0% >

 

ORIGINAL POST: Markets are higher for a change.

But the gains aren’t that impressive, given how ugly the selling has been lately.

Italy (which saw 26 of its banks get downgraded last night) is up less than 1%.

Spain is up less than 1%.

Germany is up 0.7%.

US futures are up about 1%.

There’s some fresh economic data out of the Eurozone.

Most notably: Germany has handily beat GDP estimates, and Italy has missed. It’s the same old story.

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