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| FTSE 100 index falls to an eight-month low amid fears over slowing economy in China | |
| (35 minutes later) | |
| Britain’s blue-chip benchmark was today on course for its worst performance this year as fears over slowing Chinese growth sent the FTSE 100 to an eight-month low. | Britain’s blue-chip benchmark was today on course for its worst performance this year as fears over slowing Chinese growth sent the FTSE 100 to an eight-month low. |
| Sharp sell-offs on Wall Street and in Asian markets also spooked investors as the index fell for the ninth consecutive day, down 36.48 points at 6331.41 — its longest losing streak since 2011. | Sharp sell-offs on Wall Street and in Asian markets also spooked investors as the index fell for the ninth consecutive day, down 36.48 points at 6331.41 — its longest losing streak since 2011. |
| The Footsie has fallen 3.7% since the start of the year and is now down 11.2% from its peak of 7122.74 on April 27. | The Footsie has fallen 3.7% since the start of the year and is now down 11.2% from its peak of 7122.74 on April 27. |
| The index has been dragged lower by major commodity and energy stocks such as Glencore, Shell and Rio Tinto which together make up 20% of the FTSE 100. | The index has been dragged lower by major commodity and energy stocks such as Glencore, Shell and Rio Tinto which together make up 20% of the FTSE 100. |
| Since it started falling on August 11, the index has lost 355 points, wiping £91 billion off the value of the country’s leading shares. | Since it started falling on August 11, the index has lost 355 points, wiping £91 billion off the value of the country’s leading shares. |
| “Global markets are in panic mode as the full scale of China’s slowdown becomes clearer,” said Angus Nicholson, market analyst at IG. | “Global markets are in panic mode as the full scale of China’s slowdown becomes clearer,” said Angus Nicholson, market analyst at IG. |
| “The word on everyone’s lips is deflation — poison for equity markets. The phenomenal six-year bull market may finally meet its match in China-induced global deflation.” | “The word on everyone’s lips is deflation — poison for equity markets. The phenomenal six-year bull market may finally meet its match in China-induced global deflation.” |
| Activity in Chinese factories dropped sharply last month, according to data released today. | Activity in Chinese factories dropped sharply last month, according to data released today. |
| The Caixin/Markit manufacturing purchasing managers’ index fell to 47.1 from 47.8 in July. A figure below 50 indicates contraction. | The Caixin/Markit manufacturing purchasing managers’ index fell to 47.1 from 47.8 in July. A figure below 50 indicates contraction. |
| The Shanghai Composite index gave up almost all its recent gains, closing 4% lower, while the largest market in Asia, Japan’s Nikkei, ended down by 3%. | The Shanghai Composite index gave up almost all its recent gains, closing 4% lower, while the largest market in Asia, Japan’s Nikkei, ended down by 3%. |
| European markets were all generally lower with 0.5% falls in Paris, Frankfurt and Madrid. | European markets were all generally lower with 0.5% falls in Paris, Frankfurt and Madrid. |
| The Chinese numbers hit oil prices further with the US benchmark heading for its biggest weekly loss since 1985. | The Chinese numbers hit oil prices further with the US benchmark heading for its biggest weekly loss since 1985. |