Bad weather and weak demand from the crisis-hit eurozone left Britain’s manufacturing sector contracting for a second successive month in March.
Despite a small pick-up in the monthly survey of industry from the Chartered Institute of Purchasing and Supply and Markit, the index of activity remained below the recession cut-off point of 50.
The Markit Eurozone Manufacturing final data shows Eurozone Manufacturing PMI at 13-month low in August. The rate of expansion in eurozone manufacturing production eased to its lowest during the current 14-month growth sequence in August, as companies faced slower increases in both total new orders and new export business.
Courtesy of a Barclays Capital email here are the latest unemployment numbers in Europe.
Euro Area: +0.2 to 10.4% based on slight upward revisions in November, September, August. This was the 8th consecutive rise.
Austria 4.1% unchanged
Belgium: 7.2% unchanged
Finland 7.6% unchanged
France 9.9% +0.1
Germany: 5.5% -.1
Italy 8.9% +0.1
Ireland 14.5% +0.1
Netherlands 4.9% unchanged
Portugal 13.6% +0.4
Slovakia: 13.4% -.1 to
Spain 22.9% unchanged
Car sales are up in the UK, but down 10% on average in the EU. Overall sales, including the UK, are down for the 14th consecutive month.
From Google Translate Car sales plunge another 10% in Europe and UK only grows.
It's a love-fest in Asia futures once again, but will it hold on Friday or through the weekend?
One thing's for sure, sentiment was so sour about this 19th summit, that any bit of good news stood a decent chance of temporarily igniting the market.
You can actually credit German chancellor Angela Merkel for that sour sentiment because she repeatedly stated Germany would not give in. The latest reports suggest Germany did blink, but not enough to please Italy, Spain, and France.
Markit Eurozone Services and Composite PMIs show renewed contraction due to drop in services activity, making it extremely difficult to deny that Europe is in a recession. Let's take a look at some numbers.
Markit Eurozone Composite PMI®
The ECB, IMF, EMU, and EU are on the verge of multiple emergency meeting, if indeed meetings are not already underway. A quick check of the following bond spread tables and today's yield action will explain.
Across the board, yields and spreads widened significantly today. Note in particular the jump in the 2-year bond yield of Belgium.
Sovereign Debt Table 10-Year Bonds