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Global Markets Update: Markets Down on Weaker Than Expected Economic Data in Europe

Wednesday, 22 Feb 2012 | 11:28 AM ET

European markets close down on weaker than expected economic data. Markit Euro Zone PMI 49.4 (February) vs. 50.4 (January). Unresolved issues related to Greek bailout weigh on sentiment. Euro zone banking index falls about 2.5 percent, but still up 16 percent on the year. Fitch cuts Greece debt rating to C from CCC, says default "likely." Also, German manufacturing and service sectors slow in February. And a Greece Parliamentary Committee votes to approve debt swap bill. With Bob Baur, Principal Global Investors.