137969933The last session in China on Friday provided an epic roller-coaster as exuberant retail BTFD’ers met their match with fading inflation and surging default risk concerns. The Monday session has opened to more of the same – with the Shanghai Composite opening down another 1.3% and erasing all the year’s gains. As Shanghaio Daily reports, the Chinese property developer Kaisa Group Holdings (that we have discussed in detail here and who’s next here) failed to repay a US$26 million bond coupon, making it the first Chinese property firm to default on dollar bonds. More