The below report consists of a market overview and insight into the equities, futures and derivatives markets, and FX speculative and deliverable markets.
* Global data now being compared daily to GFC levels, “recessions” looming
– WTO cut global trade this year by more than half and risks are to the downside
* US Manufacturing ISM a shocker overnight, 47.8 contractionary territory, lowest since GFC
– New export orders 41.8, Employment 46.3 and Production 47.3
– Market now pricing 80% versus 50% for October cut and 80bps cuts priced by year-end 2020