Kudlow talking ISMs earlier in the week and......>

US: Kudlow talking ISMs earlier in the week and very poor export orders

subcomponents:

- Headline still in powerful territory, Markit PMIs were actually quite strong

and want to make a point that we've seen exports to China drop, but by far the

biggest problem regarding manufacturing is Europe and especially Japan, who have

soft economies.

- Early next week trade talks with China are for lower level staff, then

Thursday/Friday principal level negotiation. EVERYTHING is on the table, IP

theft, commodities trade, tariffs, etc.

- No predictions for next week, coming into this China have been buying small

amount of US commodities so let's see. You never know, but there could be some

positive surprises.