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Getting out of control: another key CORE number absolutely tumbled.

Eurodollar University

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The European Composite PMI for June Is Now 49.9

The European composite according to HCOB is now 49.9, that's less than they initially thought a couple weeks ago at 50.3. The secondary PMI numbers from Shaixin, the private surveys that look more at small and medium sized businesses in China are still not good for manufacturers there. It doesn't appear as if Europe ever really left the recession or if it did it is heading back into recession as the second quarter closes out which would be consistent with the big drop in producer prices in Europe.

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