The emerging negativity in global markets today is likely stemming from China.
Iron ore prices are down 9% on fears of a demand slowdown. China's CSI energy index is down more than 5%, rebar is down 6% and the coal index is down 4.5%.
The PBOC met today but offered nothing new on policy, leaving the 1-year loan prime rate at 3.70% in a move that was expected.
From what I can see, there isn't a clear catalyst for the industrial-led moves in China but for months there has been growing worry about the Chinese economy and this could simply be a continuation of that. At the moment, covid cases remain low with 36 reported today, most asymptomatic and none in Beijing.
