European Markets Are Down After A Gigantic Day In Japan

UPDATE:
After a nice early start, markets in Europe have erased gains, and now they're tumbling.

Germany's Dax is down 0.3%.

Spain's IBEX is down 0.7%.

France's CAC 40 is down 0.6%.

ORIGINAL (4:13 AM ET):
Stock markets are staging a nice rally early in the European trading session, following a 99 point rally in the Dow Jones Industrials and a 3.7 percent surge in Japan's Nikkei.

England's FTSE 100 is up 0.5%.

Germany's Dax is up 0.2%.

Spain's IBEX is up 0.4%.

France's CAC 40 is up 0.2%.

It's a particularly quiet day today with no major U.S. economic news being announced. Later this morning we'll get a German bond auction.

Tomorrow should be more interesting with an ECB meeting, initial jobless claims in the U.S., and the grilling of incoming Bank of England governor Mark Carney.

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