Worries about the Chinese economy certainly shocked global stocks on the first day of trading in 2016. Nevertheless, investors should take the long view and look to U.S. consumer strength and corporate earnings before writing off the entire year, said Eric Wiegand, senior portfolio manager at U.S. Bank. 'The number itself was not so great, but certainly not cataclysmic,' said Wiegand. 'I think the reaction was more to the response of the Chinese market than the data point itself.' China's Shanghai Composite plummeted 7 percent before triggering a trading halt after manufacturing activity contracted for the 10th straight month. The official manufacturing PMI came in at 49.7, while Caixin manufacturing PMI fell to 48.2. A reading below 50 indicates contraction. China's economic growth came under scrutiny in 2015 as data indicated a steeper slowdown than feared. Global markets were also lower after Saudi Arabia severed diplomatic relations with Iran on Sunday.
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