Following more rebounds in 'soft' manufacturing survey data in Europe and Asia (and LatAm - Brazil Manufacturing PMI exploded to a record in July), both ISM and Markit's measures of US manufacturing sentiment were expected to continue their v-shaped recovery, and they did just that, when first the Markit PMI printed at 53.1, the highest level since January 2019, followed by the ISM Manufacturing, which smashed expectations, printing at 56.0, the highest since November 2018.