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

Following flash PMI's drop, another early August indicator has collapsed  as Richmond Fed's manufacturing survey plunges to -11 (lowest since Jan  2013) missing expectations of +6. The plunge from July's +10 to August's -11 is the largest on record - back to 1993.

