90 seconds @ 9am China now a global handbrake
China has become the handbrake on the global economy now, delivering a string of weak economic data.
And, first up there has been something of a surprise from the Middle Kingdom. The Caixin China General Services PMI plunged to a minor contraction in September after a solid-to-good expansion in August. This was the first contraction in services activity since May, and came as the severity of the COVID outbreaks in many areas across the mainland built. It was also a faster retreat than was expected.