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Situational awareness:

  • Sandwiched between Tuesday's disastrous manufacturing report and Friday's jobs report, ISM will release its U.S. services sector report today at 10am ET. (CNBC)
  • Meanwhile, the U.K.'s services sector dipped below the 50 boom/bust line, suggesting the economy is headed for recession. (Bloomberg)
  • Europe’s top court ruled Thursday that individual countries can order Facebook to take down posts and photos and restrict global access to some material. (NYT)
  • The IRS audits the poor more than the rich because years of budget cuts have made it too hard to audit the wealthy properly, Commissioner Charles Rettig says. (ProPublica)

(Today's Smart Brevity count: 1,196 words, < 5 minutes.)

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