Just checked the China stock market this morning and it looks like we're heading for a soft open on Friday. The Shanghai Composite dipped below 4,150 yesterday after a two-day rally that had pushed it up over 1.3 percent. Dropped 0.60 points to close at 4,146.63, so yeah, the momentum's fading fast.

What's interesting is that if you're wondering does China have a stock market that's actually moving, well the Shenzhen side was up 0.33 percent at 2,755.22, but that's pretty much the only bright spot. The banks got hammered across the board - ICBC and Jiangxi Copper both lost 1.28 percent, and Agricultural Bank slid 1.38 percent. The property stocks were brutal too, with Gemdale dropping nearly 5 percent and China Vanke down 3.6 percent. Energy stocks weren't pretty either, with PetroChina off 0.91 percent.

The broader market is taking cues from Wall Street's weakness. The Dow barely held ground up 0.03 percent, but the NASDAQ got crushed with a 1.18 percent drop after that Nvidia earnings thing. Oil couldn't hold its early gains either - WTI crude for April fell to $65.31 a barrel. So yeah, looks like the China stock market is following the global risk-off mood. Don't expect much upside until we see some stabilization from tech stocks and oil prices.