Macro memes are likely to eclipse the high-frequency economic data in the coming days. The preliminary PMIs are among the first survey data for the new month, and October's are on tap next week. The key reason that there may be downside risks in the US and Europe, especially in services, is the virus's resurgence and new restrictions. A third of US states are reporting a record number of cases, and in Europe, from Portugal to Poland, are getting hit harder than many did earlier this year. Optimism about a near-term vaccine was blunted last week as two pharmaceutical companies halting testing due to safety concerns. ... (full story)