Carnage on markets spurs meltdown fears
A continued selloff in Chinese shares is wreaking havoc across the global market, with the US industrial average Dow tumbling more than 1,000 points.
Fears that China’s economy might be headed for a dramatic slowdown have sparked a heavy selling of equities.
The slump in US markets added to steep losses in Europe and Asia. The Standard & Poor’s 500-stock index and the Dow Jones plunged more than five percent and the Nasdaq fell over eight percent.
In Europe, the Stoxx Europe 600 was down 6.9%. In China, the benchmark Shanghai composite index ended the day 8.5% lower and Japan’s Nikkei closed 4.6% in the red.
The government’s intervention to devalue the yuan two weeks ago has triggered a panic selloff, with many fearing the world’s second largest economy might be in a worse shape than thought.
Efforts by the Chinese government to prop up the market have failed to arrest the downturn, deepening uncertainties about the global economy.
China has emerged as the bellwether of the world’s economic health and the recent slump is having far-reaching effects across the globe.
Confusion about US interest rates is exacerbating the situation. Raising rates could hinder the economic growth but not lifting it could signify that the global economy remains exceptionally weak.
On Monday, oil prices plunged to fresh six-year lows. Europe’s benchmark Brent traded below $45 a barrel.
The US benchmark, meanwhile, slid $2.02 or 5% to $38.43 a barrel in the latest session, marking its lowest price since February 2009.
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