But... China's manufacturing PMIs said everything's great in the mal-investment capital of the world? It appears for all the record credit creation in China, none of it is spilling over into demand from its closest trading partners. Australian unemployment spiked to 6.4% - its highest since 2002, missing the 6.0% expectation by the greatest margin on record. No "qualified' economists believed the print would be above 6.1%. AUDJPY is getting battered which implicitly means S&P futures have legged lower...
Ugly...
[6]
And AUDJPY uglier..
[7]
Chart: Bloomberg
