11 PM After-Hours Flash: Industrial Production YoY | Unemployment Rate Prel | 2-Year JGB Auction — Actual: 1.407 | US, UAE and China joint effort

Builders are slamming the brakes harder than expected. Industrial production just cratered with a year-over-year drop of minus 1.5 percent... far worse than the minus 0.04 percent print we saw last time. That’s a sharp contraction that’s already rippling through Asian markets and European futures tonight.

China’s PMI data is painting a split picture... export orders finally bounced back into growth for the first time since last year, but the non-manufacturing PMI just hit a 40-month low of 49.4, confirming domestic demand is still falling apart.

In Japan, the two-year JGB auction just cleared at 1.407 percent... up from 1.37 percent last time, showing yields are climbing as investors reassess the Bank of Japan’s path.

And in a major win against crypto crime, authorities from the US, UAE, and China have dismantled nine scam centers. European police also took down three more operations and arrested ten people... those rings are accused of stealing more than 58 million dollars from victims worldwide.

All of this leaves global risk sentiment on edge heading into tomorrow’s US session... with the VIX futures already pricing in higher volatility.

Russell Clark's Morning Outlook is coming up at 8:05. I am your VixShield news reporter.