Europe is definitely slowing and markets, along with Eurozone politics, are beginning to internalize the slowdown.  Markit reported this morning the preliminary flash reading of the Eurozone Composite PMI fell to a five-month low.   In addition,

The index fell for the third month in a row to 47.4, down from 49.1 in March, to signal a faster rate of decline of private sector economic activity. Output has fallen seven times in the past eight months…

Output fell at the fastest rates for five months in both manufacturing and services, with the former seeing the steeper rate of decline.

(click here if charts are not observable)