European
stocks slumped on Monday following a rout in Chinese markets, wiping
hundreds of billions of euros off leading shares and sending one
benchmark index to a seven-month low.
Trading
screens flashed red across the region as stock markets in Frankfurt and
Paris fell more than 5 percent, while Athens' bourse - already down
sharply due to Greece's debt problems - slumped around 10 percent.
The
pan-European FTSEurofirst 300 was down 6.4 percent going into the close
of the trading session, wiping off more than 500 billion euros ($582.55
billion) from the index's tota market capitalisation.
The
FTSEurofirst was on course for its worst one-day percentage fall since
it slumped more than 7 percent in October 2008, just after the demise of
U.S. bank Lehman Brothers. It was also on course for its worst monthly
loss since 2002.
It
also sank to its lowest level since January, having lost more than a
trillion euros in market value since the start of the month as China's
devaluation of the yuan stoked fears of global economic deflation.
Chinese
stocks plunged more than 8 percent on Monday, in their biggest one-day
loss since the height of the global financial crisis in 2007, after
Beijing held back expected policy support at the weekend following last
week's 11 percent slide.
The
STOXX 600 Basic Resources Index, whose constituents are mostly mining
stocks, and the energy sector fell 10 percent and 8.8 percent
respectively, as commodities slumped to multi-year lows, with China
being one of the world's biggest users of metals and oil.
Shares
in banks and asset managers also fell sharply, while the Euro STOXX
Volatility Index rose 14 points to its highest level since late 2011 -
more evidence of investor unease.
Source: MarketWatch
0 komentar :
Post a Comment