The Australian Market Has Closed Down After A Brutal Day In China

China National People's CongressREUTERS/Jason LeeA Chinese military band conductor prepares to perform before the opening ceremony of the National People’s Congress.

The big market story of the day? It was a brutal session in China.

Over the weekend, a bunch of bad economic data came out, including an exceptionally weak export number.

That led to a swift market reaction in China.

The Shanghai Composite, which is already having a fairly rough year, lost 2.86%.

Copper tanked 1.5%. Copper tends to be sensitive to Chinese industrial demand and is having a horrible year.

The Chinese Yuan continues to slide, and is now at its highest level since late last year.

Meanwhile, the ripples were felt across Asia, with Hong Kong losing 1.7%, Korea down 1%, Japan off 1%, and Australia off 0.9%.

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