Today's Sell-Off Is Looking Like Deja Vu All Over Again

CMEE-mini S&P 500 Futures

Today's global market sell-off really got started once China's ugly HSBC flash manufacturing PMI report crossed the wires. Falling to a seven-month low of 48.3 in February, the PMI index suggested that the world's second largest economy was decelerating more than expected.

It's worth noting that this narrative is almost identical to one we heard exactly one month ago.

"China's flash PMI shocks the market again," said Societe Generale's Wei Yao in a note to clients today.

Wikimedia CommonsYogi Berra

Exactly one month ago, we learned that the China's January flash manufacturing PMI fell to a worse-than-expected 49.6. That was followed by a rout in the global markets. And in the following days and weeks, emerging market currencies tanked, arguably on fears that a big trading partner (i.e. China) would need less stuff.

"DéjÀ vu" is French for "already seen." Yogi Berra took the phrase a step further by coining the redundant "DéjÀ vu all over again."

It's obviously too early to tell if we see panic in emerging market currencies again and we experience full-blown "déjÀ vu all over again." But we'll see.