China published its two most watched numbers to gauge its economic health overnight after world stock markets closed. Their Manufacturing PMI was at 50 previously, analysts forecast the latest would come in at 45 but 35 was the actual one. The non-Manufacturing PMI was 54 previously, predicted to drop to 51 and came in at 29.

From what I've read elsewhere today from those who understand what those monster declines entail then they mean a worldwide recession is a certainty because no amount of money printing stimuli can replace that loss of production, and had that data been published 24 hours earlier then equity prices would have caved much harder than what they did yesterday.

There's lots of chatter about Monday becoming known as Black Monday when markets reopen and there's also speculation the US Federal Reserve Bank may announce an emergency interest rate cut on Sunday evening in the hope of stemming the anticipated selling pressure.