🇺🇸USA: The Manufacturing ISM disappoints expectations by dropping to 48.0 points in July (vs 49.5 expected vs 49.0 previous). New orders increase and Employment eases. The good news is that prices paid decrease (64.8 vs 69.7 previous). The yield of the T-Note is at 4.22% (vs 4.25% after the Employment data at 2:30 PM) and the SX5E falls -3.1% with the S&P 500 future at -1.9% (vs -1.6% before the ISM).