The markets got some better than expected news from Asia last night, but the news from Europe this morning has toned down bullishness. From Reuters:
An eighth straight month of contraction in the euro zone’s manufacturing sector eclipsed brighter news from Asia on Monday, dimming chances of a strong rebound in the global economy. The downturn in Europe’s periphery members has spread to the core countries of Germany and France, according to purchasing managers’ indexes (PMIs) for March. The outlook is grim as new orders fell across the region for the tenth month.