Rates in Europe are marking higher their implied likelihood of a recession after a weak set of PMIs in the region. Euribor futures are ~10 bps higher and the euro fell more than a big figure lower.
November flash PMIs for France, Germany and the euro zone were released this morning and were weaker than expected across the aboard. Manufacturing PMIs have been in contraction for longer than they ever have been before for Germany and almost the longest for France.
