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 plummeting. 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”.