China

: The last time the US markets corrected was in October 2011, according to Deutsche Welle. Friday had seen market falls in Asia continuing the trend which began the previous week after China announced a surprise devaluation of its currency, the yuan. The S&P 500 lost 5.8 percent for the week, its worst weekly slump since 2011. On Friday a private survey showed a drop in manufacturing in China. A figure below 50 means contraction of the economy. Caixin purchasing managers' index came in at 47.1 this month, falling from 47.8 in July and constituting the worst reading in over six years. (news.financializer.com). As reported in the news.