El canario en la mina china.
Japanese machinery orders, a leading indicator of capital expenditure, unexpectedly dropped 3.6% on month in July after falling 7.9% in June and badly missed consensus of +3.7%. The problem for policymakers is that they were hoping that the weaker yen and lower energy prices would help boost corporate profits, which would be used to increase wages and capital spending. However, this doesn't seem to be happening. The Nikkei tumbled today after surging 7.7% yesterday.