Greetings, We begin with an update on global manufacturing trends. Here is the latest: 1. In the United States the ISM Manufacturing PMI report showed how the recent US dollar strength is choking off American manufacturing recovery. Source: St. Louis Fed New export orders have weakened sharply as a stronger dollar makes US products more expensive for foreigners (note that PMI < 50 means contraction). Moreover, over half the respondents indicated that customers' inventories were too high. This doesn't bode well for new orders going forward. Source: ISM, h/t @NickatFP 2. In Europe the Markit manufacturing PMI report showed a surprising slowdown in Ireland's manufacturing sector. Source: TradingEconomics.com 3. Energy markets weakness is taking its toll on Norway's manufacturing. 4. The manufacturing sectors in Brazil and Russia continue to contract. 5. I discussed the situation in China and in other Asian economies yesterday. Put all this together and it becomes clear that the slowdown in manufacturing activity is a global trend. Source: Markit We had another ugly market open in Shanghai. Time to arrest more people for spreading negative rumors? Source: Investing.com No worries, the "Beijing put" is still in play as China Securities Finance Corp. will likely step in to buy shares of state companies again. After all the government already owns these firms - why not increase the holdings? In spite of the recent selloff, according to some measures, mainland-China's share prices are still quite rich. Source: @business Commodity-export-depended economies remain under pressure and this is not limited to emerging markets.