1. Official China PMI less then expected. (punch 1)
2. Manufacturing EU PMI continues to be week. (punch 2)
3. US employment data came in less then expected, and the ave weekly earnings declined a tiny bit. (Kick in the nuts. Despite the April upward revisions, the current data still stings.)
The string of 'blah' data suggests the emerging markets need to stimulate their economies, and the west needs to implement an infrastructure build via private/public funding.