The weak US ISM Manufacturing reading earlier this week has sent the US equity market sharply lower over the last two days. At the same time, though, we’re starting to see a pick-up in the Global Manufacturing PMI reading from Markit. Weak global manufacturing has been one of the best bear cases over the last year. But last month this reading ended a 15-month streak of MoM declines, and now it’s up two months in a row. While it’s still below the 50 level that marks the dividing line between growth and contraction, the recent strength is not to be overlooked. Start a two-week free trial to Bespoke Institutional for full access to our research and market analysis.