ORIGINAL POST, SEE UPDATE BELOW: It's the same old story today.

Markets are rallying in Europe.

Indices in Italy, France, and Germany are all up around 1%. Athens is up 1.6%.

Yields are improving in Italy, where the 10-year is now below 5.8%. The Spanish 10-year is below 4.9%. Even the Portuguese 10-year is heading back towards 16%.

US futures are up as well, though modestly.

The big economic news of the moment. Strong PMI readings all around. Eurozone data improved nicely, with Germany, in particular, returning to growth. China also beat expectations yesterday, with a surprise PMI reading above 50.

Growth heals all wounds, so this is just what we need to see.

Meanwhile, an avalanche of important economic information comes out today in the US.

UPDATE: As the morning wears on, things are looking even better. Yields keep dropping nicely, with short-term Italian bonds trading at their best level in over 6 months. The Italian market is up over 2.2%. Risk on all around.

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