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London shares slump as Chinese losses rattle markets European shares slump as Chinese losses rattle markets
(35 minutes later)
The main London stock market index, the FTSE 100, is down by 2.94% in early trade on Monday. Stock markets in London, Paris and Frankfurt have opened sharply lower as fears of a Chinese economic slowdown continue to haunt investors.
Meanwhile major markets in France and Germany have also opened down by more than 3%. London's FTSE 100 index was down by 2.5% in early trade, while major markets in France and Germany also opened down by more than 3%.
It comes after stock markets in Asia were hit overnight, with the Shanghai Composite in China closing down 8.5%, its worst close since 2007. Shares in Asia were hit overnight, with the Shanghai Composite in China closing down 8.5%, its worst close since 2007.
The sell-off continued despite the Chinese authorities' latest attempts to reassure investors. The Chinese authorities tried in vain to reassure investors.
In addition, oil prices are slumping to six year lows, as traders worry about slowing growth in the worth's second largest economy.
Global sell-off
Beijing's latest intervention, to allow its main state pension fund to invest in the stock market, failed to calm traders' fears, both in China and abroad.
Over the past week, the Shanghai index fell 12%, adding up to a 30% drop since the middle of June.
The sharp fall sparked a global sell-off, with the Dow Jones in the US losing 6%, while the FTSE 100 posted its biggest weekly loss this year, of 5%.
Earlier this month, the Chinese central bank devalued the yuan in an attempt to boost exports.