The S&P vs. the Shanghai Composite is a chart that fund manager Jeff Gundlach is fond of observing, so we asked him his take on what's going on.
Weakness in SHCOMP reflects concern over slowing growth in China compounded by higher food and energy prices since late May/early June.
Since June 1 global "developed" stock market lows:
SPX price up 11.1%
SHCOMP price down 10.8%
IBEX price up 24.4%
As a followup, we asked Gundlach if he thinks this divergence can last much longer