Chinese managers’ export expectations took a downturn in the latest CFLP survey, with a result of 50.1% (over 50% means expansion) vs. 51.3% a month earlier. That’s the fastest sequential slowdown since November 2014. Yet exports remain robust, while import expectations and the overall manufacturing outlook dropped too, suggesting a systemic issue. These may be the temporary closure of factories during the five yearly Party Congress, as well as the Golden Week holiday. A similar effect was seen last year. Europe’s export managers remain upbeat, it remains to be seen whether America’s wil...