Monday, April 23, 2012

Eurozone Worries Again

by Bill McBride on 4/23/2012 08:54:00 AM

A few stories:

From the Financial Times: Eurozone angst spooks investors

Markets reacted nervously on Monday to the socialists’ first-round victory in France’s presidential election, as the eurozone crisis claimed another victim on Monday with the collapse of the Dutch government.
excerpt with permission
From the WSJ: Euro-Zone's Private Sector Shrinking Fast
The euro zone's private sector contracted in April at the sharpest pace since November, damaged by a steep decline in the manufacturing sector, suggesting the region won't rebound quickly from the recession recent data are pointing to.

The preliminary composite PMI for the euro zone slumped to 47.4 in April from March's 49.1, Markit's preliminary purchasing managers' index showed Monday. The April manufacturing PMI slipped to 46 from March's 47.7 while the services PMI also declined to 47.9 from 49.2 over the same period ...
From the WSJ: Spain's Economy Dwindling
Spain's central bank said Monday that the country's economy contracted 0.4% in the first quarter from the fourth, evidence that a worsening downturn is making it tougher for Madrid to reach ambitious austerity targets.

On an annual basis, the economy contracted 0.5%, the first negative reading after seven-consecutive quarters of modest growth, the Bank of Spain said in its monthly economic report. This marks the official end of a mild recovery between late 2010 and late 2011 ...

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