• IMF warns that property downturn in China has deepend with a heightened risk of spillovers to banking, corproate and local government sectors
• Global stress tests shows up to 29% of emerging market banks would be underacapitalized in a severe economic downturn
• Warns of heightened risk of rapid, disorderly repricing in financial markets, amplified by existing vulnerabilities and poor liquidity

This isn’t the kind of thing anyone wants to hear on a day like today. It always looks darkest before dawn but it’s tough to find a reason to buy any kind of risk asset.