Italian consumer confidence collapsing

Markit economics' retail PMIs weaker than at trough of crisis

The leaning tower of Pisa
No wonder consumer confidence is low, that tower looks like it's about to fall down. Photograph: Getty Images

From Markit Economics' retail purchasing managers index (PMI), the Italian consumer collapse continues:

According to Phil Smith, economist at Markit, consumer confidence is now at an all-time low and real pay is declining. As a result, "surveyed firms generally conceded that targets set for June would be missed" as well.

FT alphaville has the effect on the bond market:

Yields up 20 basis points in two hours. Fear in the eurozone is having pernicious effects, it seems