What happened last week

Monday: Sept. Manufacturing PMIs: Australia 53.5 vs 53.9 expected, Japan 50.8 vs 51e, India 55.1 vs 55.8e, Switzerland 57.5 vs 54.5e, Italy 48.3 vs 47.5e, France 47.7 vs 47.8e, 47.8 vs 48.3e, Eurozone 48.4 vs 48.5e, UK 48.4 vs 48.5e, US 52 vs 51.9e, Canada 49.8, Brazil 51.1, Singapore 49.9, South Korea 47.3. US Sept. ISM Manufacturing PMI 50.9 vs 52e: employment sub-index 48.7 vs 53e, 51.7 vs 51.9e. The Reserve Bank of Australia “only” hikes by 25bps (vs 50bps expected) to 2.60%, adding to its statement that “One source of uncertainty is the outlook for the global economy, which has deteriorated recently.”

Tuesday: US Aug. factory orders 0% MoM vs 0.2%e. US Aug. JOLT job openings 10.053m vs 10.775m...