The contagion appears to have returned today. Credit commentary from Markit:

After the long weekend in the UK and the US, the markets resumed the volatility that has plagued them in recent times. Spreads opened wider and the credit and equity markets capitulated through the morning with risk aversion again on the rise. Several factors contributed to the cautious climate. Asian markets were on the back foot after the HSBC/Markit China Manufacturing PMI showed the headline index dropping to its lowest level in 11 months. The sector was still expanding but at a declining rate, suggesting that the economy is losing momentum.