Early European PMI data is weak

Markit's manufacturing purchasing managers index survey data is being released for European countries this morning. So far it's not looking rosy. Remember that a number above 50 implies an expansion in manufacturing.

Ireland: Drop from 51.5 to 48.6, the first contraction since February 2012.
Netherlands: Drop from 49.0 to 48.0, lowest since May 2012.
Switzerland: Drop from 50.8 to 48.3, 50.2 was expected.
Spain: Drop from 46.8 to 44.2, lowest since October 2012 and the 23rd month of contraction.