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After a modest recovery over the past four months, manufacturing reports produced by IHS Markit from around the world almost all worsened in December, showing that the sector continues to face global challenges.

The latest: The U.S. saw little change from November to December, remaining just above contraction with a reading of 50.1, but the eurozone looked tortured with both Italy and the Netherlands posting their worst PMI reports in 80 months.

  • The eurozone as a bloc recorded a PMI of 46.3, suggesting it's still in the midst of its manufacturing recession.
  • Of the more than 40 markets IHS Markit covers, only Russia and India saw improvements in their PMI reports.

What it means: "While we are not sounding any alarms, today’s data tells us that investors may have been a bit premature in pricing in a global economic recovery," Emily Roland, co-chief investment strategist at John Hancock Investment Management, tells Axios.

Go deeper: Midwestern manufacturing improved in December but is still contracting

Go deeper

Dion Rabouin, author of Markets
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Illustration: Aïda Amer/Axios

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What's happening: Speculators have raised their bets to the highest in nine years that the dollar will fall and increased bullish bets that the euro will rise to the highest level on record, Reuters reported citing data from the CFTC.

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Illustration: Annelise Capossela/Axios

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3 keys to Joe Biden picking Kamala Harris

Photo: Jeff Kowalsky/AFP via Getty Images

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  1. She was always at the top of his list. As I look back through my text threads with top Dems over the past five months, she was always assumed to be the most likely pick.