European shares are looking ugly following FOMC minutes that revealed nervousness
at the Fed about its money printing and PMI data that shows a widening schism in the eurozone economy, particularly between
Germany and France. EU Stoxx 50 -1.6%, London -1.4%, Paris -1.6%, Frankfurt -1.6%, Milan -2.5%, Madrid -1.4%..
Eurozone flash manufacturing PMI slips to 47.8 in February from 47.9 in January; manufacturing output 47.5 vs 48.7; services 47.3 vs 48.6; composite output 47.3 vs 48.6. The data "suggests that the eurozone is on course to contract for a fourth consecutive quarter," Markit says, with the schisms in the bloc widening. "France’s downturn is likely to deepen," bringing it "more in line with the periphery than with the now solitary-looking German 'core' ".
German flash manufacturing PMI increases to a 12-month high of 50.1 in February from 49.8 in January; manufacturing output 50.2 vs 51.9; services 54.1 vs 55.7; composite output 52.7 vs 54.4. German GDP "remains on track" to return to growth in Q1, says Markit, with the signs positive for manufacturing.
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