The United States markets moved sharply lower this week due to a combination of profit taking, ongoing trouble in the eurozone and weakening economic data. New and pending home sales weakened more than economists had forecasted while the Chicago PMI came in at 49.7, which was below economist forecasts of 53.0, signaling a potential slowdown. However, the bulk of the economic data – including the U.S. employment situation - is due out next week and could move markets.

In the eurozone, problems seem to be compounding even with the landmark agreement made earlier this month. The region’s economic sentiment indicator fell by 1.1 points to 85.0, a seventh month of decline, while the market awaits the Spanish government’s plan to restore its finances next year and additional economic data due out at the end of the month.