Chinese Stocks Extend Friday's Losses Following Drop In Corporate Profits

Following the weakness in Friday's afternoon (China) session, tonight's open is decidedly shaky as Shanghai Composite open down over 2% and CSI-300 (China's S&P 500) is now down over 5%. This follows a year-over-year drop in China Industrial profits (-0.3%), the first since March as the small bounce in April and May is now done. Commodities are lower and silver saw a minor flash-crash shortly after China opened.

• *SHANGHAI COMPOSITE FALLS 2.4% AT OPEN

*CHINA JUNE INDUSTRIAL COMPANIES' PROFIT FALLS 0.3% Y/Y

Silver saw a mini flash crash...

But PMs are bouncing back now...