Markets Are Going Nowhere

Markets are mostly going nowhere.

US futures are a hair higher. European stocks are basically flat.

The only big gainer of the day so far has been China, where the Shanghai Composite rallied 1.33% after a strong Chinese Flash PMI, which indicated that the economic recovery is continuing.

The lack of action everywhere else is not for lack of news.

Over the weekend, the German election saw Angela Merkel win big. The size of her victory was a bit unexpected, but it wasn’t game changing in any way. If anything it was status-quo reinforcing.

And this morning, PMI data for the Eurozone was so-so. Headlines numbers continued to show growth in France, Germany, and the Eurozone as a whole, although manufacturing subindices were mediocre, with the strength tilted towards services. US data will be coming out later today.

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