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FTSE 100 loses £104 billion in value in one day as China stock slide prompts global selloff | |
(35 minutes later) | |
The FTSE 100 shed £104 billion at its lowest point on Monday, after severe losses in Chinese markets prompted a global sell-off. | |
Monday’s bloodbath marked the tenth day of consecutive losses on the FTSE 100, the longest straight period of decline since 2003. The index has lost around £218 billion in value in that time. | |
Many expected the Chinese government to take measures such as cutting interest rates or injecting liquidity to stop further losses after the Shanghai Composite Index fell nearly 12 per cent last week. No action prompted further losses of 9 per cent on Monday. | Many expected the Chinese government to take measures such as cutting interest rates or injecting liquidity to stop further losses after the Shanghai Composite Index fell nearly 12 per cent last week. No action prompted further losses of 9 per cent on Monday. |
Since August 11, $5 trillion has been been wiped off global markets after China unexpectedly devalued the yuan. | Since August 11, $5 trillion has been been wiped off global markets after China unexpectedly devalued the yuan. |
The Dow Jones also plummeted more than 1000 points on opening Monday, before rebounding slightly. The S&P 500, another US stock market index, dropped 99 points, or 5 per cent. | The Dow Jones also plummeted more than 1000 points on opening Monday, before rebounding slightly. The S&P 500, another US stock market index, dropped 99 points, or 5 per cent. |
While plunging stock indices were attributed to lack of action in Beijing, Monday’s selloff follows months of poor data. Last week, activity in Chinese factories was shown to have dropped sharply. | While plunging stock indices were attributed to lack of action in Beijing, Monday’s selloff follows months of poor data. Last week, activity in Chinese factories was shown to have dropped sharply. |
Declining commodity prices continue to weigh oil giants. Glencore, Shell and Rio Tinto, which are all listed on the FTSE 100, suffered the worst declines on Monday. |
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