With the market’s focus almost entirely on the growing possibility of a disorderly Greek exit from the Eurozone, mixed data from Germany couldn’t help dissuade bearish sentiment. The German Statistics Office reported earlier that 1st quarter GDP, seasonally adjusted and on a quarter-over-quarter basis, improved to 0.5% from -0.2% in line with expectations; the data was also as expected on a year-over-year basis at 1.7% from 1.5%. Markit Economics reported that preliminary PMI data for May, both for Germany’s services and manufacturing sectors, was at 52.2 and 45.0 against expectations of readings of 52.0 and 47.0, respectively. Read more
