Yet again the endless reasurance from the talking heads of the world is proven fallacious as the crash in China's stock market has apparently crashed its economy. China's Manufacturing PMI final print for July collapsed to 47.8 - its lowest since July 2013. The reaction is not pretty. China is down 4-8% from Friday's highs (led by high beta high-flyers in ChiNext), most Asian markets are down 2-3%, and the broad MSCI Asia Ex-Japan index is once again testing the lowest levels of 2015. But apart from that, China is contained...
Economy collapsed... but but but the clever people on TV said it wouldn't matter that stocks plunged?
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Chinese stocks tumble...
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As does most of Asia...
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Which has smashed Asian stocks to their lowest in 2015...
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Charts:Bloomberg
