The Nikkei Indian Manufacturing Purchasing Managers Index (PMI) has fallen to a 15 month low in December 2015, plunging to way below the 50 line that marks the difference between contraction and expansion. This is the lowest since October 2013. But note that this is heavily impacted by the shutdown of various factories in Chennai due to the floods in early December.

This is not isolated:

China’s PMI fell for the 10th month in a row, and at 48.2 it came in below the 49 estimate.

Chigago PMI in the US fell to the lowest since July 2009 (!!)

Japan’s PMI fell to a 25 month low

Expect far more volatility ahead, especially if there’s war in the Middle east.