The bad news: Chinese (and European) manufacturing indexes came in light.
The good news: While hitting those markets quite sharply, the U.S. premarket has mostly been rallying off overnight lows this AM, hence one could claim bad news is losing its effect.
US manufacturing (ISM) will be released this morning as the last major data point before tomorrow's employment data. (expectation = 59) Keep in mind this has been the main bright spot in the U.S. economy - unfortunately it now accounts for roughly 13% of GDP and 9% of American employment as we've rushed to get rid of as much mfg capability as possible.
Please note there are 2 reports out of China, one private; one public. The private report is close to contraction.
