China reported a bunch of ugly economic data over the weekend.
You can read the details here, but everything from industrial production to retail sales to fixed asset investment was weak.
The surprise is not that China is slowing — after all, to some extent China wants to slow down — but that authorities are letting the economy slow as fast as it is. They seem to be showing a lot of willpower not stimulating the economy.
Anyway, anything associated with China is going down.
Oil — which has been weak for three months — is tanking, down over 1%.
Copper is weak too.
The Aussie Dollar fell, briefly, below 0.90 against the US dollar.
The Hong Kong stock market, which is on a 6-day losing streak, lost nearly 1%.
Emerging markets, many of which have their fortunes tied up to China in some way due to trade, are on their largest losing streak since 2012, according to FT.
That’s the story of the moment: Weak China taking down a bunch of other stuff.