Global shares nosedive because of China's economic woes
Global shares nosedive because of China's economic woes
Stock markets across the world have fallen sharply as fears of a Chinese economic slowdown continue to haunt investors.
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.
In total, £73.75bn was wiped off the FTSE 100 as a result of Monday's falls.
In volatile trading, Wall Street's Dow Jones fell 6%, then almost recovered its losses before closing 3.6% lower.
At one point it fell below 16,000 for the first time since February 2014, while the technology-heavy Nasdaq index closed 3.8% lower, recovering from an earlier plunge of 8%.
The S&P 500 ended trading 3.9% lower and 11% below its May record, putting it officially in "correction" territory - a fall of 10% or more from its peak.
Shares in Asia were hit overnight, with the Shanghai Composite in China closing down 8.5%, its worst close since 2007.
At its lowest point in the day, the FTSE 100 had lost as much as 6%, wiping some £100bn off its value.
Global investors are worried about growth in the world's second largest economy.
Media captionStephen Guilfoyle, New York Stock Exchange floor trader: Markets "bordering on edge of panic"
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.
In total, £73.75bn was wiped off the FTSE 100 as a result of Monday's falls.
In volatile trading, Wall Street's Dow Jones fell 6%, then almost recovered its losses before closing 3.6% lower.
At one point it fell below 16,000 for the first time since February 2014, while the technology-heavy Nasdaq index closed 3.8% lower, recovering from an earlier plunge of 8%.
The S&P 500 ended trading 3.9% lower and 11% below its May record, putting it officially in "correction" territory - a fall of 10% or more from its peak.
Shares in Asia were hit overnight, with the Shanghai Composite in China closing down 8.5%, its worst close since 2007.
At its lowest point in the day, the FTSE 100 had lost as much as 6%, wiping some £100bn off its value.
Global investors are worried about growth in the world's second largest economy.
Media captionStephen Guilfoyle, New York Stock Exchange floor trader: Markets "bordering on edge of panic"
Stock market woes
8.5% fall in Chinese stocks - biggest one day loss since 2007
$42.51 Brent crude fell to lowest level since March, 2009
-2% At one point, the pound saw the biggest fall against the euro in six years
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.
Currencies and commodities are also falling sharply, because those markets rely heavily on strong demand from China.
Without strong reassurances from officials in China, investors have not had much reason to buy.
8.5% fall in Chinese stocks - biggest one day loss since 2007
$42.51 Brent crude fell to lowest level since March, 2009
-2% At one point, the pound saw the biggest fall against the euro in six years
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.
Currencies and commodities are also falling sharply, because those markets rely heavily on strong demand from China.
Without strong reassurances from officials in China, investors have not had much reason to buy.
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