US MBA Mortgage Applications: -11.5% in May 31 from -8.8%

The European markets experienced a staunch decline Wednesday, with the three major indices in pullback mode following what was weak economic data earlier. Earlier today in the EMU, Gross Domestic Product s.a. (QoQ) fell -0.2% in Q1, matching expectations. Moreover, Gross Domestic Product s.a. (YoY) also shrunk -1.1% in Q1, missing estimates of -1.0%. Finally, Retail Sales (YoY) were reported at -1.1%, vs. expectations of -0.8%.