The bad news starts with China’s official NBS manufacturing PMI: 49.2 in July (GS forecast: 49.9; Bloomberg consensus: 50.1), vs. 50.3 in June. Official non-manufacturing PMI: 49.0 in July (GS forecast: 49.6; Bloomberg consensus: 50.0), vs. 50.2 in June. AdvertisementNeither steel nor iron ore reacted well. The latter is approaching technical lows.