The Chinese stocks suffer biggest fall since global crisis, triggering heavy losses worldwide

The World stock markets plunged on Monday after China’s main index sank 8.5 percent — its biggest drop since the early days of the global financial crisis — amid deepening fears over the health of the world’s second-largest economy.

Oil prices, commodities and the currencies of many developing countries also tumbled on concerns that a sharp slowdown in China might hurt economic growth around the globe. Wall Street was expected to suffer heavy losses on the open.

The Shanghai index suffered its biggest percentage decline since February 2007, with many China-listed companies hitting their 10 percent downside limits. The benchmark closed at 3,209.91 points, meaning it has lost all of its gains for 2015, though it is still more than 40 percent above its level a year ago.

China’s dimming outlook is drawing calls for more economic stimulus from Beijing, though earlier government efforts to staunch the hemorrhage appear to have done little to stabilize markets ....Read here

Asia’s gloom spread to European markets, where Britain’s FTSE 100 fell 2.7 percent, Germany’s DAX 2.6 percent and the CAC 40 of France 2.5 percent. Dow futures were down over.. Continue Reading...

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