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| Fresh falls on Asian stock markets | |
| (35 minutes later) | |
| Asian stocks continued to fall on Tuesday but the drop was less severe than analysts had feared after Monday's dramatic global sell-off. | Asian stocks continued to fall on Tuesday but the drop was less severe than analysts had feared after Monday's dramatic global sell-off. |
| Japan's Nikkei 225 took the hardest hit in the region, down by 3% to 17,970.32. | Japan's Nikkei 225 took the hardest hit in the region, down by 3% to 17,970.32. |
| The drop came after record losses at the Shanghai Composite in China and sharp falls in Europe and the US on Monday. | The drop came after record losses at the Shanghai Composite in China and sharp falls in Europe and the US on Monday. |
| Ongoing fears over the health of the Chinese economy have driven the falls. | Ongoing fears over the health of the Chinese economy have driven the falls. |
| Tuesday morning trade saw South Korea's Kospi down by 0.5% to 1,821.49 while in Australia, the S&P ASX/200 index slipped 0.8% lower to 5,001.90. | Tuesday morning trade saw South Korea's Kospi down by 0.5% to 1,821.49 while in Australia, the S&P ASX/200 index slipped 0.8% lower to 5,001.90. |
| Investors are worried that firms and countries which rely on high demand from China - the world's second largest economy and the second largest importer of both goods and commercial services - will be affected. | Investors are worried that firms and countries which rely on high demand from China - the world's second largest economy and the second largest importer of both goods and commercial services - will be affected. |
| 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. |
| Andrew Walker: How the China share slump affects the rest of the world | Andrew Walker: How the China share slump affects the rest of the world |
| Karishma Vaswani: China counts cost of Black Monday | Karishma Vaswani: China counts cost of Black Monday |
| Robert Peston: Will China’s slowdown make us poorer? | Robert Peston: Will China’s slowdown make us poorer? |
| Duncan Weldon: China share falls - why it's not 2008 | Duncan Weldon: China share falls - why it's not 2008 |
| In volatile trading, Wall Street's Dow Jones fell 6% over night, then almost recovered its losses before closing 3.6% lower. | In volatile trading, Wall Street's Dow Jones fell 6% over night, then almost recovered its losses before closing 3.6% lower. |
| Earlier, London's FTSE 100 index closed down 4.6% at 5,898.87, with major markets in France and Germany down by 5.5% and 4.96% respectively. | Earlier, London's FTSE 100 index closed down 4.6% at 5,898.87, with major markets in France and Germany down by 5.5% and 4.96% respectively. |
| Investors are now looking at Beijing to step in and somehow stabilise the markets. | Investors are now looking at Beijing to step in and somehow stabilise the markets. |
| "Asia is at the epi-centre" of the current sell-off, Chris Weston, chief market strategist at trading firm IG said in a note. | "Asia is at the epi-centre" of the current sell-off, Chris Weston, chief market strategist at trading firm IG said in a note. |
| "China needs to convince the domestic market and the world that its economy is able to cope with further outflows and that its slowdown is under control," he explained. | "China needs to convince the domestic market and the world that its economy is able to cope with further outflows and that its slowdown is under control," he explained. |
| Beijing's latest intervention at the weekend, allowing its main state pension fund to invest in the stock market, has so far failed to reassure traders. | Beijing's latest intervention at the weekend, allowing its main state pension fund to invest in the stock market, has so far failed to reassure traders. |