Back on September 20 (so, a full ten days before a three star Russian general strolled into the US Embassy in Baghdad to let the US know that airstrikes in Syria “start in 1 hour”), we said that the US strategy in Syria had officially unraveled. 

The US was never going to tolerate a successful social-democratic Europe. The combined economic and refugee crises are intended to neutralize the space that has always separated Russia from its Western predators. This has vast implications for the South.

Trying to remember what the world was like the last time the Fed hiked rates on June 29, 2006? Take a stroll down memory lane with DB's Jim Reid, for a quick reminder.

Following the collapse in industrial production, it is no surprise that Markit's Manufacturing PMI has plunged to 51.3, its lowest since October 2012. Under the surface it is a disaster with production volume growth the softest since October 2013, and new orders crashed to worst since September 2009.

But do not ignore manufacturing because, as Markit notes,

It was just last Thursday when we previewed what we said would likely be further downgrades for Brazil on the heels of S&P's move to cut the country to junk in September. 

Here's what we said: