Markets Are Falling...

Good morning! And welcome to Wall Street's official start of summer

Markets are falling today, particularly in Europe, where German stocks are down 0.9% and Italy is off 1.2%. France's CAC-40 is off 0.66%.

It's Flash PMI day. Chinese manufacturers unexpected have unexpectedly accelerated, as the impact of the latest Beijing "mini-stimulus" has been felt.

But European data is really week. French industry continues to shrink, while Germany expands at a weaker pace than expected.

The US will still be mourning its heartbreaking tie to Portugal today.