Major European indices trade on a sharply lower note. Finance ministers from the EU will hold an emergency meeting tomorrow while the International Energy Agency is holding an extraordinary meeting today. February Manufacturing PMI readings from regional economies remained in expansionary territory, though most missed expectations. The European Commission is proposing a tax on windfall profits of energy companies with revenue to be invested in renewable energy.
In economic data:
Eurozone's February Manufacturing PMI 58.2 (expected 58.4; last 58.7)
Germany's February Manufacturing PMI 58.4 (expected 58.5; last 59.8)
U.K.'s February Manufacturing PMI 58.0 (expected 57.3; last 57.3). January Mortgage Lending GBP5.92 bln (expected GBP4.35 bln; last GBP3.97 bln)
France's February Manufacturing PMI 57.2 (expected 57.6; last 55.5)
Italy's February CPI 0.9% m/m (last 1.6%); 5.7% yr/yr (expected 3.8%; last 4.8%). February Manufacturing PMI 58.3 (expected 58.0; last 58.3)
Spain's February Manufacturing PMI 56.9 (expected 56.1; last 56.2)
Swiss February procure.chPMI 62.6 (expected 64.0; last 63.8)
---Equity Markets---
STOXX Europe 600: -1.9%
Germany's DAX: -2.6%
U.K.'s FTSE 100: -1.1%
France's CAC 40: -2.9%
Italy's FTSE MIB: -2.5%
Spain's IBEX 35: -1.7%
---FX---
EUR/USD: -0.4% to 1.1177
GBP/USD: -0.1% to 1.3409
USD/CHF: +0.1% to 0.9174