China PMI Is Disappointed to the Downside, but Is a Market Surprise?

China has been consistently releasing macro data that falls below expectations on various fronts over the past month/nA non-surprise in-line with consensus reading would be a real surprise in China data at this point/nInvestors may have been ignoring multiple consecutive China data releases resulting in a broad-based cross-assets sell-off within global markets X China/nThe risk or macro headwind that investors are not keeping up with is the dead China reopen theme reflected in non-China related risk assets rallying/nThe China manufacturing PMI may have blindsided investors who have been ignoring the consistent China data misses/nThe market divergence between China and every other region has been too wide to go unnoticed

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