With the Shanghai Stock Exchange Composite Index (SCI) dropping 5% at its opening, a circuit breaker was triggered and halted trading for 15 minutes. But when trading resumed, the market continued to drop, and a second circuit breaker was triggered, halting trading for the day. The overall SCI decline of 7.2% for the day was not just disastrous for Chinese investors, but it also caused a global panic that perhaps a global recession would ensure. China's Chief Economist and Head of Greater China Economic Research for JPMorgan, had JPMorgan clients and investment professionals looking to him for advice on how to interpret the events in China. Would the decline continue? What impact would it have on global markets in general and the United States in particular?