Credit easing cannot fix the problems of a structural slowdown

In early August, the long-bearish market had a brief rally as investors cheered the highest manufacturing Purchasing Managers Index for July in more than two years.

But within days, the market was falling after a private gauge of service activity sank to a record low and concerns over the property market re-emerged.

Analysts are quick to point out that investors have been disappointed by the absence of further credit easing. But the thirst for additional stimulus measures also underscored the fragility of the current recovery.