The below report consists of a market overview and insight into the equities, futures and derivatives markets, and FX speculative and deliverable markets.
* Equities slump (900pts in two days) as markets finally play catch up to the data and GFC comparisons
– ADP employment data marginally weaker 135k versus 140k, ahead of Non-Farm Payrolls +145k expected
– Focus shifts to US Non-Manufacturing PMI tonight post very poor Manufacturing PMI
* WTO announce US can impose €7.5 billion of tariffs on Europe on imports given state subsidies for Airbus
* US Treasuries continued falling 10-yr…