US Manufacturing PMI Stagnates at 2-Year Low With Weakest Employment Since June 2013

Given the fact that for the first time since the recession, manufacturing has added zero jobs this year, that ADP just saw a drop in manufacturing jobs, Markit reports September US Manufacturing PMI has stagnated for the last 2 months at 2 year lows (printing 53.1 final vs 53.0 prelim). Worst still, and confirming even further the demise of the US manufacturing "renaissance", the Employment sub-index dropped to 50.8 - the lowest since June 2013. As Markit sums up"The Fed is therefore likely to keep an open mind as to whether tighter policy is appropriate given current economic conditions and await a clearer idea of the health of the economy in the fourth quarter."

Key Global Equity Index Has Fallen Off The Precipice

Each and every day, we are witnessing the ongoing global selloff inflict more and more damage to the post-2009 cyclical bull market. And while that bull may not be declared dead for some time, it is now being wounded enough daily to warrant very seriously considering that possibility.

Did Gartman Just Halt The Rally?

"... the fact that our International Index has rallied 2% from its lows and now has rallied for two days in a row has our interest and does give us  reason to pause in our bearish perspective."

Bailed Out FX Broker FXCM Says It Was Hacked, Resulting In "Wire Transfers From Customer Accounts"

It has not been a good year for retail currency broker FXCM which in January faced massive losses in the aftermath of the shocking Swiss Franc revaluation. In fact, only a $300 million bailout from Jefferies/Leucadia allowed the currency trader to meet regulatory requirements and continue operations.  Then, this morning, FXCM clients woke up with even more headaches when the currency broker admitted it had been hacked, leading to a "small number" of unauthorized wire transfers from customers’ accounts.

Does Not Compute: DOL Continues To Paint Rosy Jobless Claims Picture As Challenger Sees "Surge" In Unemployment

Does not compute. That may be the best way to summarize the discrepancy between the statistically-massaged, seasonally-adjusted initial claims data reported by the DOL, and what Challenger reported just an hour earlier when it said that U.S.-based employers announced plans to shed 58,877 in September, a 43 percent increase from the previous month. Worse, for 2015 YTD, employers have announced 493,431 planned layoffs, 36 percent more than the 363,408 cuts tracked from January through September a year ago. Someone is lying.

Frontrunning: October 1

  • After Rough Quarter, Investors Buckle Up (WSJ)
  • From heroes to bystanders? Central banks' growth challenge (Reuters)
  • Russian Airstrike in Syria Targeted CIA-Backed Rebels, U.S. Officials Say (WSJ)
  • Kremlin says Syria air strikes target list of groups, not just Islamic State (Reuters)
  • That’s information warfare? Russia accused of killing civilians in Syria (RT)
  • Euro zone factory growth eases in August despite modest price rises (Reuters)
  • How Glencore's Crazy Month Makes Greek Banks Look Tame (BBG)

Futures Soar After Chinese Composite PMI Drops To Lowest On Record

While the official "data" was bad, and confirmed the economy remains in contraction, the Caixin - aka the new HSBC - Markit PMIs were absolutely atrocious. We bring you... the HSBC Manufacturing print, which dropped from 47.3 to 47.2, and which according to Caixin was the lowest print since March 2009.  And it was the combination of this and the non-mfg PMI that told the full tale: at 48.0, the Caixin Composite index dropped from 48.8, down from 52.3 a year ago and was the lowest print on record.

New Patch for U.S. Troops Fighting ISIS… Looks Like ISIS Logo

Believe it or not, American soldiers fighting against ISIS in Syria and Iraq will actually be wearing the emblem of ISIS – the infamous crossed-swords logo. Well, almost. Controversy has stirred because many think the patch looks too much like our boys are fighting for the enemy… just another sign of confusion about the counterproductive Obama-led war against the notorious and shamefully exploitative jihadist army.

A Desperate China Caps Card Withdrawals In Frantic Attempt To Stem Outflows

Now that the yuan deval debacle has served to accelerate capital outflows, Beijing is set to double down on efforts to curb the degree to which capital controls are openly subverted and as WSJ reports, China is has now “put a new annual cap on overseas cash withdrawals using UnionPay.”

Is This The Scariest Chart In America This Week?

Either, a) BLS payrolls data is entirely 'made-up', or b) US jobs are being created in some other regions than the six major Fed surveys. Either way, this chart will strike fear into the heart of Janet Yellen as she 'hopes" for some cover for her rate-hike... before the whole house of cards collapses...