Spanish flag
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Markets are off of their lows, but they're still getting slammed halfway through the European trading session. 
This follows a rough Asian trading session, which saw the Shanghai composite slide on its first day back from a week-long vacation.
England's FTSE 100 is down 0.60%.
France's CAC 40 is down 0.97%.
Germany's DAX is down 1.24%
Spain's IBEX is down 0.67%.
Italy's FTSE MIB is down 1.48%.
Weakness in Germany is being exacerbated by a weak German manufacturing report that showed deterioration in the domestic economy.
Eurozone finance ministers meet later today in Luxemberg.  Leading topics of discussion will include the financial health of Greece and Spain.
Spain has yet to request bailout funds, which most people see as an inevitability.
Meanwhile, U.S. futures are pointing to a negative open.