As you can see in after hours around 10 p.m. there was a negative divergence sending ES to new lows for today's trading session. We still have a long night ahead of us, but the apparent catalyst was the HSBC China PMI (not official Chinese PMI) printed at 48.1, this number is down from 49.6; anything under 50 is considered to be contraction and this would be the 5th consecutive month of contraction in the HSBC PMI data.
The fact futures were ramped in to the release and in to a negative divergence suggests the number was leaked.
For more from Reuters:
China factory activity shrinks for 5th month-HSBC flash PMI
(Reuters) - China's manufacturing sector activity shrank in March for a fifth successive month, with the overall rate of contraction accelerating and new orders sinking to a four-month low, the HSBC flash purchasing managers index showed on Thursday.
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