U.S. Futures Just Tanked

We just got a really nasty China flash manufacturing conditions reading — 48.3, signaling contraction that was even worse than expected.

As a result, U.S. futures are down. Here’s the chart for the S&P:

It looks the same for Dow futures. Meanwhile currencies across the board including the Aussie dollar are getting smoked.

As Arab Bank’s David Scutt tweeted soon after: “this is the first data we’ve seen that’s both pre-and-post Lunar New Year, and it’s very, very bad”.

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