ISM ‘Death Blow’ Triggered Mechanical ‘Escalation Flows’, Nomura’s McElligott Says

ISM ‘Death Blow’ Triggered Mechanical ‘Escalation Flows’, Nomura’s McElligott Says

Tuesday's decade-low ISM manufacturing print in the US put markets squarely back in "growth scare" mode. An inflation miss in the euro-area and the first negative inflation print in South Korea's history didn't help. Neither did final PMIs across the pond which largely confirmed the deepening factory malaise tipped by the flash reads last month. Early Wednesday, US equity futures were some -2.6% from pre-ISM levels. On Tuesday afternoon, in the course of documenting how one widely-followed
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