Aussie market ran into global selloff sentiment on China worries. The big negative global sentiment was further fuelled by the lack of any PBOC action to stimulate the economy or support the equities markets. Chiquities or Shangbang was down 8% and looks well on the way to seeing substantially more downside risk. Chinese markets on Friday were trading somewhere close to 4 times the Aussie market multiples while the growth rate downgrades raises risk of more downgrades. Aussie market has had a horror month started with APRA move on banks, then China’s Yuan devaluation and now global selloff on China growth risk. PBOC can’t continue to throw money at the equity markets when they are trading at multiples that can’t be supported by growth. (VIEW LINK)