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Looking for deeper insight on markets?  In tonight’s Closer sent to Bespoke Institutional clients, we begin with a look at the VIX which has continued to grind lower. Turning over the macro data, we expand on this morning’s look at Markit Flash PMIs with the addition of the US print. Next, we show our Five Fed Manufacturing Composite with the New York and Philly Fed inputs. After that, we show what the Conference Board’s Leading Indicators index is signaling in terms of a recession. We finish with an analysis of crude oil prices which have stalled near $65 while Brent and crack spreads have held up better; we go further to explain what this means for refiners.

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