One point of light–manufacturing activity in China looks like it picked up in July

Yesterday the July report of the flash index of China’s purchasing managers in the manufacturing sector showed a rise to 49.5 from 48.2 in June. That brings the index close to the 50 level that divides expansion from contraction in the sector, and while still leaving the index on the contraction side of 50, it marks the best level for the index since February.

The gamblers in Hong Kong and Shanghai sell on a report that a central bank advisor predicts growth in the third quarter will slow to 7.4% from 7.6%

Chinese stocks plunged overnight on news that an advisor to the People’s Bank of China had predicted that China’s economy would grow by just 7.4% in the third quarter. This is only important if you’re a gambler rather than an investor–which, of course, means that the very short-term reaction by China’s markets was intense