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Economic fears mount in China. This recovery still isn't happening in China,

it's still not going anywhere. The big hope earlier in the year was that a consumer-led

recovery would kind of power growth in China and keep the glue will economy motoring,

and that's just not happening. This is another sign that consumption in China is just fizzling out.

Plus, we'll go inside the battle between two of China's overseas e-commerce giants,

Xi'an and Timo, and the end of the road for U.S. Trucking Giant Yellow. It's Monday, July 31st.

I'm Luke Vargas for the Wall Street Journal, and here is the AM edition of What's News,

the top headlines and business stories moving your world today.

We begin with new signs of economic weakness in China.

Fresh data on manufacturing activity released today showed a fourth straight month of contraction

in July, while service sector activity fell to its lowest level this year.

Those readings offer further evidence that China is struggling to rekindle momentum after a

short-lived economic revival this spring, and according to General Reporter Jason Douglas,

this comes as deflation fears are also deepening in the country. And Jason joins me now from Singapore

with the latest. Jason, before we talk deflation, how significant are these purchasing managers

index readings today? They're pretty significant. I mean, they show that this recovery still isn't

happening in China, it's still not going anywhere. Manufacturing is contracted again. The number

looks a little bit better there, but it's still in contractionary territory. That's the sign that

...