More Draghi Cowbell Coming?

Takeaway: In February, 13 of 17 European PMI readings are contracting. Here's what that means for the ECB.

Q: Is European growth stalling?

A: It's getting hard to argue to the contrary.

More Draghi Cowbell Coming?  - draghbo

 

So far this February, 13 of 17 European PMI readings are contracting:

 

The warning signs are all there. The PMI pullback looks even more drastic when looking at the rate of change.

 

So ... what does that mean heading into the March 10th ECB meeting? We'll let you be the judge. Here's a Bloomberg chart showing the doves versus the hawks: 

 

Click to enlarge.

MORE COWBELL!

 

More Draghi Cowbell Coming?  - z cow

 

Click here to watch Hedgeye CEO Keith McCullough in this special (FREE) edition of The Macro Show.