On China, Global Wages& The S&P 493

China’s stock market has lost 8% over the past week. Investors appear to have lost faith that the government’s stimulus will be the answer to that economy’s problems. Eric explains the dubious prospects of trying to stimulate a highly indebted country out of a collapsed property bubble with easier financing. And China’s monetary policy is highly dependent on what the Fed does. If China eases more than the Fed, it risks foreign capital flight. … Also: Melissa looks at wage growth trends in the US and around the world. … And: Joe’s data show the stock market’s leadership broadening beyond the Magnificent-7 to the “S&P 493.”