Flash PMI Crash

Last night before I turned in, HSBC's Flash PMI for China came in at a healthy pace, which was cause for concern because the economics on the ground including repos, FoxConn lay-offs and hiring freezes (due to slow Apple IP5 sales) as well as Energy usage in manufacturing areas and other indictions tht aren't so direct such as the cost of copper, all bring this "goldilocks" print in to question, China will release their own PMI soon so we'll see.

However Europe was a different story... A Horror Story confirming Europe is on its way to another full-blown recession, forget Cyprus.

German Mfg PMIs printed at a contracting 48.9 vs Exp. 50.5 (down from 50.3), while Services came in at 51.6, down from 54.6 on expectations of a rise to 55.0, 

French Mfg PMI stayed flat at 43.9, despite hopes of a "bounce" to 44.3, even as the Service number ticked even lower from 43.7 to 41.9, below expectations of 44.3 and the lowest since February 2009.

 Eurozone March Services PMI down from 47.9 to 46.5, vs Exp. of 48.2, while Manufacturing slid from 47.9 to 46.6 on hopes and prayers of a bounce to 48.2.

Anything below 50 is contraction, they were just hoping for less contraction and found through all sectors there was more and this in the core countries.

Futures as of now...

 ES futures look a bit sloppy, but that's because of the range and chop, 3C is at the lows right now

 NASDAQ futures also at the low, hit hard by ORCL earnings.

R2K Futures near the low.