Headlines discussed at LNWM’s Monday morning briefing:

— China’s workforce productivity rose just 6% in 2015, slowest level since 1999 (Asian financial crisis).
— Volatility returned to markets, as global equities and US bonds suffered biggest losses since June.
— Waiting too long to raise interest rates could overheat the US economy, warned a key Fed official.
— Activity in the US service sector (67% of economy) hit a 6.5-year low in Aug., but still expanding.
— The European Central Bank opted not to increase already high level of stimulus, as expected.

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