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| China shares fall more than 8% on growth concerns | China shares fall more than 8% on growth concerns |
| (35 minutes later) | |
| Shares in mainland China saw a steep slide towards the end of the trading day on Monday - marking its biggest one day fall in more than eight years. | |
| The Shanghai Composite closed down 8.5% to 3,725.56 after more weak economic data raised concerns about the health of world's second largest economy. | The Shanghai Composite closed down 8.5% to 3,725.56 after more weak economic data raised concerns about the health of world's second largest economy. |
| Profit at China's industrial firms dropped 0.3% in June from a year ago. | Profit at China's industrial firms dropped 0.3% in June from a year ago. |
| That follows data on Friday that showed that factory activity contracted the most in 15 months in July. | That follows data on Friday that showed that factory activity contracted the most in 15 months in July. |
| Bernard Aw, market strategist at trading firm IG said the surprisingly weak manufacturing data "added to worries that there could be further weakness in the Chinese economy, after the patch of recent economic data showed signs of stability". | Bernard Aw, market strategist at trading firm IG said the surprisingly weak manufacturing data "added to worries that there could be further weakness in the Chinese economy, after the patch of recent economic data showed signs of stability". |
| The Shanghai market's fall was the biggest one-day loss since February 2007. | The Shanghai market's fall was the biggest one-day loss since February 2007. |
| The stock market has been benefitting from a series of support measures from the government and regulators to boost shares after it lost a third of its value in the three weeks from mid-June. | The stock market has been benefitting from a series of support measures from the government and regulators to boost shares after it lost a third of its value in the three weeks from mid-June. |
| Hong Kong's Hang Seng index was also lower by 3.3% to 24,290.73 points. | Hong Kong's Hang Seng index was also lower by 3.3% to 24,290.73 points. |
| Shares in Gome, one of China's biggest retailers, dropped by 13.2% after the company said it would buy retail assets from its controlling shareholder partly by issuing new shares. | Shares in Gome, one of China's biggest retailers, dropped by 13.2% after the company said it would buy retail assets from its controlling shareholder partly by issuing new shares. |
| Earnings ahead | Earnings ahead |
| In Japan, the country's benchmark Nikkei 225 index closed the first day of the week 1% down at 20,350.10 points. | In Japan, the country's benchmark Nikkei 225 index closed the first day of the week 1% down at 20,350.10 points. |
| Traders were looking ahead a week of earnings, with Canon and online broker Monex to report results on Monday. | Traders were looking ahead a week of earnings, with Canon and online broker Monex to report results on Monday. |
| Nissan, Panasonic and Nintendo will be among the big names with earnings out later in the week. | Nissan, Panasonic and Nintendo will be among the big names with earnings out later in the week. |
| In South Korea, the Kospi index finished 0.4% down 2,038.81 points. | In South Korea, the Kospi index finished 0.4% down 2,038.81 points. |
| Daewoo Shipbuilding shares finished the day 1.3% down on media reports suggesting it would report poor second quarter earnings. | Daewoo Shipbuilding shares finished the day 1.3% down on media reports suggesting it would report poor second quarter earnings. |
| Australian stocks beat the region's trend, closing slightly up by 0.3% at 5,582.40 points. | Australian stocks beat the region's trend, closing slightly up by 0.3% at 5,582.40 points. |
| However, shares in mining company Atlas Iron fell 70% when the stock resumed trading after a four month-hiatus due to the collapse in iron ore prices. | However, shares in mining company Atlas Iron fell 70% when the stock resumed trading after a four month-hiatus due to the collapse in iron ore prices. |