Unimpressive Manufacturing PMI Results Out of Europe

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Markit’s PMI Manufacturing survey data released today showed little change in euro area countries’ headline readings, as most continued to hover around the all-important 50 level: The largest monthly improvement was in France (~2 points) while Ireland’s survey fell the most (~2 points), and no country came close to the three-point move posted by Austria

Relative Strength Breakdowns in Developed Europe

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Relative to the All Country World Index (ACWI), only four European countries’ constituents have managed to outperform– Belgium, Denmark, Ireland, and Switzerland (for now): Country indexes for Germany, Netherlands, and Sweden remain in trading ranges: In aggregate, stocks in Finland, France, Italy, and Spain have declined on a relative basis for years– but recently rallied