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Good morning from the newsroom of the Financial Times.

Today is Wednesday, October 2nd and Good morning from the newsroom of the Financial Times.

Today is Wednesday, October 2nd, and this is your FT news briefing.

New manufacturing data revealed the impact of Donald Trump's trade policies. The brokerage Charles Schwab took a hit to its own share price, as did its competitors after eliminating its stock trading fees.

And a US court says states can set their own rules when it comes to internet speed or net neutrality.

Plus, the FT Sam Jones explains the fallout from the surveillance scandal at Credit Suisse.

I'm Mark Filipino, and here's the news you need to start your day.

You would have to go back a decade to see the last time US manufacturing activity look this bad

A key indicator shows that activity in the sector contracted for the second consecutive month in September

falling to its lowest level since the

global recession. The drop in output wasn't unique to the US. In fact, this summer

it was lower than a year earlier in all 36 advanced economies.

One economist blamed the uncertainty in U.S. China trade for the weakness, adding that it

meant companies were putting off investment decisions.

The Global Purchasing Managers Index in September

recorded its fifth month below the 50 mark,

which divides an expansion from a contraction.

That's the longest period that indicator has been so low since 2012.

And yes, manufacturing is only one small part of the global economy,

but it's one of the most volatile sectors.

...