10-Year Yields:
Greece 20.23%
Portugal 10.50%
Hungary 7.98%
Spain 5.83%
Italy 5.54%
Belgium 3.30%
France 2.99%
Netherlands 2.25%
U.K. 2.08%
Finland 2.07%
U.S. 1.95%
Germany 1.66%
Eurozone manufacturing data paints a weak picture; France and Germany PMI's are at or near three-year lows. Swiss PMI unexpectedly dropped under 50 now indicating a contracting economy. Germany unemployment rate surprisingly rose to 6.8% now moving towards 7%. The brighter side shows the stronger PMI data in the U.S. yesterday as well as China manufacturing numbers which helped boost the Shanghai Index overnight.
The dollar is stronger so copper, commodities and oil are all weaker. The dollar is back above 79 trying to recover from the slide from mid-April to present which took the buck from over 80 to under 79. The euro is weaker. U.S. futures are flat.
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