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Fresh falls on Asian stock markets Chinese stocks continue to tumble
(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. Chinese stocks continued to tumble on Tuesday though elsewhere in Asia losses were less severe than analysts had feared after Monday's dramatic fall.
Japan's Nikkei 225 took the hardest hit in the region, down by 3% to 17,970.32. The mainland benchmark Shanhai Composite was down 6% to 3,016.92 points, extending Monday's shock losses of 8.5%.
The drop came after record losses at the Shanghai Composite in China and sharp falls in Europe and the US on Monday. Overnight, stocks in Europe and the US had also seen exceptionally sharp falls.
Ongoing fears over the health of the Chinese economy have driven the falls. The global sell-off was driven by fears over the health of the Chinese economy.
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.
Recoveries elsewhere in Asia
Elsewhere in Asia though, markets were trading significantly better on Tuesday than analysts had feared.
Hong Kong's Hang Seng was up by 1.6% while Australia's S&P ASX/200 rose by 2.5% and South Korea's Kospi edged 0.3% higher.
Aside from Shanghai, Japan' s Nikkei 225 was the other significant index taking a hit, dropping by 2.5% to 18,089.54 points.
Investors are worried China's woes are strengthening the Japanese yen which could hurt the country's important export sectors.
Andrew Walker: How the China share slump affects the rest of the worldAndrew Walker: How the China share slump affects the rest of the world
Karishma Vaswani: China counts cost of Black MondayKarishma 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 2008Duncan 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 before the open of the Asian markets.
"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.