If you’re wondering why this morning’s vainglorious strength on the ASX is rapidly turning to mush, look no further than the Shanghai Composite, which has ruptured its major mutli-year low and resumed a downwards path that is truly becoming epic in its scope. Here’s the chart, down 3% or so today:
‘ And the long term:
To complete the picture, the ASX just turned negative for the year as well. It’s getting more and more difficult to see anything other than sharply slowing Chinese growth ahead.
