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European shares slump as Chinese losses rattle markets | |
(35 minutes later) | |
Stock markets in London, Paris and Frankfurt have opened sharply lower as fears of a Chinese economic slowdown continue to haunt investors. | |
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%. | |
Shares in Asia were hit overnight, with the Shanghai Composite in China closing down 8.5%, its worst close since 2007. | |
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. |