So can USA, USA, USA buck the trend - besides we have something no other country has - "Bidenomics"!!!!!

US macro data has serially surprised to the upside in recent weeks, so expectations were for a rebound in US Manufacturing 'soft' survey data and S&P Global's PMI printed 49.0 in July (still in contraction), unchanged from the flash print earlier in the month (but up from the 46.3 final print in June). ISM's Manufacturing survey headline disappointed, printing 46.4 (46.9 exp) - still in contraction - but up marginally from the 46.0 June print. ISM hasn't been above 50 since August 2022...