Fund managers crowd into short-China trade as Beijing risks rise: At the Open

Worries about Chinese regulatory policies and their impact on stocks and growth shoot to the top of concerns among global fund managers, according to BofA's latest survey. Shanghai stocks fell 2% yesterday, weighing on Wall Street, after Beijing proposed more regulatory moves focused on Internet competition. It recoved some today, up 1%, while S&P (SPX) (NYSEARCA:SPY) and Dow futures (INDU) (NYSEARCA:DIA), are slightly lower and Nasdaq 100 futures (NDX:IND) (NASDAQ:QQQ) are edging up. But the latest monthly BofA survey shows China suddenly among the biggest tail risks for the market for fund managers, at 16%, after getting negligable expression sof concern in the July survey. China comes behind tail risk worries about inflation, at 22%, a Fed taper tantrum, at 20% (both declining) and the COVID Delta variant, at 19%, and asset bubbles, at 17% (both rising). The Invesco Golden Dragon China Portfolio ETF (NASDAQ:PGJ) is down 22% in the past