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| FTSE 100 and European markets rattled by losses in China | FTSE 100 and European markets rattled by losses in China |
| (35 minutes later) | |
| Stock markets in London, Paris and Frankfurt have fallen sharply as fears of a Chinese economic slowdown continue to haunt investors. | 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 4% in early afternoon trade, with major markets in France and Germany down by 4.6% and 4.4% respectively. | |
| 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. |
| Global investors worry about growth in the world's second largest economy. | Global investors worry about growth in the world's second largest economy. |
| Read the latest updates on our live page here. | Read the latest updates on our live page here. |
| China's central bank devalued the country's currency, the yuan, two weeks ago, raising fresh concerns that a slowdown in the country's economy was worse than originally feared. | China's central bank devalued the country's currency, the yuan, two weeks ago, raising fresh concerns that a slowdown in the country's economy was worse than originally feared. |
| Currencies and commodities are also falling sharply, because those markets rely heavily on strong demand from China. | Currencies and commodities are also falling sharply, because those markets rely heavily on strong demand from China. |
| Without strong reassurances from officials in China, investors have not had much reason to buy. | |
| Selling that started earlier this summer has gained momentum, experts say. | |
| "It does appear that we're moving very quickly to the downside," said David Madden, market analyst at IG. | |
| Analysis: Karishma Vaswani, Asia business correspondent | Analysis: Karishma Vaswani, Asia business correspondent |
| Beijing's official mouthpiece has called it China's "Black Monday". | Beijing's official mouthpiece has called it China's "Black Monday". |
| The Shanghai Composite tumbled by 8.5%, its biggest fall since 2007. That plunge wiped out this year's gains as investors refused to buy into the Chinese government's repeated attempts to shore up confidence. | The Shanghai Composite tumbled by 8.5%, its biggest fall since 2007. That plunge wiped out this year's gains as investors refused to buy into the Chinese government's repeated attempts to shore up confidence. |
| Everyone wants to know what the Chinese government is going to do next to shore up shares and confidence in the economy. | Everyone wants to know what the Chinese government is going to do next to shore up shares and confidence in the economy. |
| The smart money is on the central bank reducing interest rates and injecting a semblance of consumer confidence into the markets. | The smart money is on the central bank reducing interest rates and injecting a semblance of consumer confidence into the markets. |
| That is what many had hoped would happen over the weekend. | That is what many had hoped would happen over the weekend. |
| But at each point in what appears to be an ever-deepening Chinese slowdown, the government has seemed slow to react. | But at each point in what appears to be an ever-deepening Chinese slowdown, the government has seemed slow to react. |
| Read Karishma's blog in full | Read Karishma's blog in full |
| The falling FTSE: Should we worry? | The falling FTSE: Should we worry? |
| Weldon: China share falls - why it's not 2008 | Weldon: China share falls - why it's not 2008 |
| Widespread investor fears about the sharp drops in Asia were exacerbated by thin trading volumes in Europe, with many investors away on holiday. | 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. | "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. | Investors might have to wait for several weeks for bargain hunters to come into the market to lift stocks. |
| 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. | European investors worry that a cheaper Chinese currency will make European exports less competitive. |
| In other developments: | In other developments: |