With US economic data at its most disappointing in 18 months, it should not be surprising that Markit's US Manufacturing PMI plummeted to 53.0 in February - its lowest since August 2017. Under the hood in the PMI data, new orders tumbled to 52.7 (lowest since June 2017), and output slowed to its weakest since Sept 2017.

ISM's Manufacturing survey rebounded in January (like PMI) after December's plunge, and was expected to slide back modestly in February, but it didn't - it plunged back to cycle lows 54.2 - the lowest since Dec 2016.

As a reminder, the last time the ISM imploded two months ago, it was the catalyst that sent stocks plunging. So far, however, it has not had much of an impact on risk assets as the narrative now is that China can reflate the world.

Looking at the index, ISM Prices Paid contracted (49.4) for the second month in a row as new orders and employment stumbled.

The complaints by respondents largely focused on weak exports and trade, a function of the ongoing trade war with China, as well as the occasional weather lament: