Goldman just flagged downside risk to China's growth after July's macro data came in weaker than expected across the board.

The miss-fest covers everything from industrial production to retail sales to credit growth. Basically, the post-reopening bounce is fading faster than bulls hoped.

This matters for global markets because China's slowdown hits commodity demand, EM currencies, and multinational earnings. If Beijing doesn't roll out serious stimulus soon, expect more pressure on materials, industrials, and anything tied to China exposure.

Watch the yuan and copper as early warning signals. If they break support, risk-off could spread fast.