Good morning. Yesterday saw the release of not one, not two, but three ISM headline numbers!

http://www.bespokeinvest.com/thinkbig/2014/6/2/more-fun-with-ism.html

http://www.businessinsider.com/wells-fargo-may-ism-reaction-2014-6

And this is a bit of the bigger picture…

http://www.zerohedge.com/news/2014-06-02/two-thirds-global-pmis-decline-may

Just think about this: four countries in the world that rule the world of exports

http://online.wsj.com/articles/why-u-s-manufacturing-is-poised-for-a-comeback-maybe-1401475962

Cool overview from the latest BIS report: claims on Russia and Ukraine

http://www.bis.org/publ/qtrpdf/r_qt1406.pdf

More concerns about (too) low volatility…

http://www.zerohedge.com/news/2014-06-02/why-central-banks-need-more-volatility-maintain-their-omnipotence

Divergence in Europe, and apparently it is up to Draghi to solve it…

http://www.zerohedge.com/news/2014-06-02/draghi-desperate-avoid-japan-style-lost-decade

… and here is some more

http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2014/06/20140602_EU.png

Some more thoughts on the US bond yields: QE may be bad for bonds…

http://ftalphaville.ft.com/2014/05/30/1866252/the-other-great-bond-mispricing-theory/

Some positive thinking by BCA on the US fiscal drag

http://ftalphaville.ft.com/2014/06/02/1867562/charts-du-jour-fiscal-drag-per-capita/

Brilliant before and after shots from the second world war and now: only one click apart (via @pvdp)

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http://www.theguardian.com/artanddesign/ng-interactive/2014/jun/01/d-day-landings-scenes-in-1944-and-now-interactive

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