At the time of posting the Dow is down 26.87 to 12,853.22 on the announcement of a contraction in US manufacturing activity. Oil is down $1.71 to $83.25 and gold is down $6.40 to $1597.80

A survey of purchasing managers showing US manufacturing activity declined in June to a level that indicates that the sector is contracting. This is the first decline since 2009, and is a worrying sign for the US economy.

Stocks had rallied on Friday after eurozone political leaders agreed to the steps needed to stabilize credit markets and strengthen the region’s banking system.

Clink on one or all of the links below to follow us on Facebook, Twitter, Google+, or connect with us on LinkedIn