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Editor's Note: Below is a brief excerpt and chart from today's Early Look written by Hedgeye Macro Analyst Christian Drake. Click here to learn more about the Early Look.

In other ongoing, train-wreck news:  Eurozone PMI’s.  

The German PMI is now legitimately flirting with a 30-handle! as the headline reading fell to a fresh low of 43.1, marking a 7th consecutive month of contraction as manufacturing mojo in the epicenter of EU industrial activity continued to tank in July.   

It was the same story for the broader region as French Business Confidence continued to deteriorate and the Eurozone Manufacturing PMI missed estimates while making another lower low at 46.4.  With the Swiss 10Y down to -0.70% and German 10Y Bunds down at -0.38%, bonds remain a reflection of the underlying fundamental reality. 

In other words, more of the same. 

CHART OF THE DAY: Train Wreck → Germany - CoD German PMI