Unimpressive Manufacturing PMI Results Out of Europe


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


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