The outlook for corporate earnings suffered a triple whammy to start the new trading week. Markit Economics released their latest Manufacturing Purchasing Managers’ Index (PMI) readings for the month of May for the United States, the Eurozone and Japan. Together, these three economies make up more than half of total world GDP, and the latest numbers for all three were bleak to bad. This should be particularly troubling news for those hanging their stock market hopes on a strong profit recovery in the second half of the year and into next year.
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