Bad Economic Data Strikes Everywhere, As Europe Manufacturing Shows First Contraction In Over Two Years

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Not helping things today: Fresh barometers of the economy in the form of PMI data.

In China. the HSBC's Flash PMI Manufacturing reading came in at 49.4, sub-50 for the thrid straight month, a sign of persistent weakness.

And in Europe, same deal.

According to Markit, the continent is now slipping into contraction for the first time in two years.

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