Huge Cracks in Global Recovery Thesis; Industrial Production Unexpectedly Drops in Germany, France; UK Weaker than Expected

``Unless [the] production reports are outliers, we are beginning to see a picture of a much slowing Europe. Moreover, back in the states, Non-Manufacturing ISM Plunges Below Prediction of All 73 Economists, New Orders Collapse... Meanwhile China is overheating. Add that all together and there are enormous cracks in the global recovery picture.''