Today’s report by Markit on the Eurozone economy sobered up the markets a bit today:
Falling output in the southern Eurozone economies offset rising output in northern countries to cause an overall contraction of the Eurozone economy in the three months to June.
Gross domestic product fell 0.2% in the Eurozone in the second quarter, according [...]
Today’s market collapse is reacting to a continuing stream of bad news, but the capper today was the Eurozone Market PMI (Purchasing Managers Index) which fell below the 50 mark for the first time since July, 2009. Anything below 50 indicates declining activity.
Add to that World Bank President Robert Zoellick’s comment that the world’s major [...]
Two very important manufacturing reports came out today: The ISM manufacturing report for the U.S., and Markit’s manufacturing PMI for the eurozone. Both reports showed substantial weakness in manufacturing.
The ISM Manufacturing Index for August, 2011 was the same as July, which is to say flat, right at the 50 level (50.6).
According to [...]