German PMI Shrinks In June

Well, there's your one laggard.

After PMI readings that beat expectations, and grew across Europe, German PMI actually shrank a bit in June.

The manufacturing index fell from 49.4 to 48.6.

From Markit:

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REUTERS/Suhaib Salem

A protester opposing Egyptian President Mohamed Mursi holds an anti-Mursi poster during a sit-in protest at Tahrir Square in Cairo July 1, 2013.

Good morning! Here's what you need to know.

Markets have started the second half of 2013 on a high note. Japan's Nikkei rallied 1.2%.  European markets are up across the board with with the Euro Stoxx 50 index up 0.7%. U.S. futures are pointing to a higher open.Japan's Tankan survey, a measure of sentiment among large manufacturers, beat expectations and jumped to 4 in Q2 from -8 in Q1.  Positive numbers suggest that the optimists outnumber the pessimists.South Korean exports unexpectedly fell by 0.9% in June, missing expectations for a 0.1% gain. Korea has been challenged by its currency as it has been strengthening against the Japanese yen, its major competitor in global trade.The Australian economy is showing major signs of improvement. It's manufacturing PMI index surged to 49.6 in June, which is just a hair under the breakeven 50 level. This is the highest reading since June 2011.  However, exports continue to struggle as its emerging market trading partners slow. Indeed, the exports subindex registered at just 30.3.China's economy continues to show signs of slowing as credit conditions tighten in the world's second largest economy. The official China manufacturing PMI index fell to 50.1 in June from 50.8 in May.  This was right in line with expectations, but nevertheless reflects a sector that is just barely growing. The unofficial HSBC PMI index fell to a 9-month low of 48.2.  This sub-50 reading signals contraction. The 8 Most Important Charts In China >There are signs of life in the European economy. Spain's manufacturing PMI climbed to the neutral 50.0 level as new business increased for the first time since April 2011. Italy's manufacturing PMI surged to 49.1, as production increased for the first time since September 2011.France's manufacturing PMI climbed to 48.4, a 16-month high.Germany, the biggest economy in Europe, was the one weak link in this morning's European data dump. It's manufacturing PMI fell to 48.6 from 49.4 in May.In the U.S., we'll get the ISM manufacturing index at 10:00 a.m. ET. Economist are looking for a reading of 50.5, up from 49.0. "[The] ISM should recover modestly given the improvements in the New York, Philadelphia, Richmond and Dallas Fed manufacturing surveys in June," said Deutsche Bank's Joe LaVorgna. "However, the projected ISM gain could be limited based on what we saw in the Chicago PMI, which is statistically the best regional predictor of the ISM. Recall the June Chicago PMI fell 7.1 points to 51.6 on broadbased weakness.""Millions" of Egyptians have taken to the streets in what appears to be the largest protests in the country's history. Protestors are demanding the resignation of President Mohamed Mursi, who has lost legitimacy among a large portion of the population. Follow 10 Things Before the Opening Bell and never miss an update! Get updates in your Facebooknews feed.

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The third quarter has begun, Japan is looking strong, Europe is looking stronger, China is slowing, and "millions" of Egyptians have taken to the streets.

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