Markets turn on fear and hope. For years fear has orbited around the US, with hope centred on China. That is now beginning to change. In the last few weeks, some small items of data have provoked great concern about China.

Far from “decoupling”, as many had hoped, this week’s supply manager surveys showed Chinese manufacturing declining in lockstep with the US and the eurozone. Anecdotal evidence, carefully tracked by many, suggests a serious downturn.