Problem is that China doesn't publish negative data, LOL. Investors appear to think the Shanghai moves are a reflection the underlying economy. Silly. Shanghai was up over 5% over night and that will mena a greenflashing light for investors to pile in. No way is China going to publish negative data now.
We're not out of the woods yet...
China factory indexes fall to multiyear lows in fresh sign of economic sluggishness
http://www.stockhouse.com/news/newswire/2015/09/01/china-factory-indexes-fall-to-multiyear-lows-fresh-sign-economic-sluggishness
Europe shares set to follow Asian losses as China PMIs stoke growth fears
http://www.reuters.com/article/2015/09/01/us-markets-global-idUSKCN0R12AH20150901