It wasn't even a year ago that everyone was freaking out about the euro crisis. At the time, China was seen as the global bright spot, supplying economic growth to all of its trading partners.
Now the roles appear to have reversed.
Earlier this morning, we learned from the regional PMI reports that manufacturing activity was expanding in the eurozone. Meanwhile, the slowdown in China just got worse.
Reuters tweeted this chart showing China (green) crossing below the euro zone (purple). For PMI, anything above 50 signals expansion and anything below 50 signals contraction:
