We mentioned this in our market, wrap, but just wanted to point it out specifically. China fell 2.6% overnight, which as Shanghai Daily notes, was its biggest lost in 3 months.
Don’t forget, as vulnerable as the US is to higher oil prices, the much poorer and much more industrial China is even more. The current crisis is in the Mideast and North Africa is horrible for it.
For more, see BofA/ML on the subject of oil price vulnerability.