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| Global shares plunge as Chinese losses rattle markets | |
| (about 1 hour later) | |
| Stock markets in London, Paris and Frankfurt have fallen sharply as fears of a Chinese economic slowdown continue to haunt investors. | |
| London's FTSE 100 index was down by 2.6% in morning trade, while major markets in France and Germany lost nearly 3%. | |
| Shares 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 Chinese authorities tried in vain to reassure investors. | The Chinese authorities tried in vain to reassure investors. |
| In addition, oil prices have plunged to six-year lows, as traders worry about slowing growth in the world's second-largest economy. | |
| 'Uncertainty ahead' | |
| "It does appear that we're moving very quickly to the downside," said David Madden, market analyst at IG. | |
| Widespread investor fears about the sharp drops in Asia were exacerbated by thin trading volumes in Europe, with many investors away on holiday. | |
| "I think more uncertainty lies ahead," Mr Madden said. | |
| Investors might have to wait for several weeks for bargain hunters to come into the market to lift stocks. | |
| Global sell-off | 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. | 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. | 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%. | 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. | Earlier this month, the Chinese central bank devalued the yuan in an attempt to boost exports. |
| European investors worry that a cheaper Chinese currency will make European exports less competitive. |