Watch second derivatives in the Eurozone

Markit released a slew of manufacturing PMIs today and the eurozone was the most heavily watched amongst the bunch. The data show Europe still contracting, but at a less pronounced pace. I believe this could be a positive harbinger.

The eurozone manufacturing PMI rose to 48.3 in May from 46.7 in April, where anything below 50 means contraction. That is 22 consecutive months of contraction for Europe. If GDP comes in for Q2 below Q1's reading it will also mark 7 straight quarters of GDP declin...

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