China’s stocks have now plunged for a second day in a row, causing massive fear that Earth’s second economy is falling down.
From Sky News:
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The FTSE 100 Index has opened up this morning after so-called ‘Black Monday’ – one of the bleakest days in its recent history.
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London’s top-flight shares rose nearly 1.5% to hover just below the 6,000 barrier after losing £74bn yesterday.
This was despite Chinese stocks tumbling again this morning – plunging more than 6%, and hitting their lowest level in eight months.
The mass sell-off has been triggered by China’s slowing economy and the depreciation of the yuan – as well as plunging commodity prices and fears over the timing of the next US interest rate hike.
The People’s Bank of China is under pressure to announce a new round of quantitative easing to boost money supply in an economy suffering weaker demand across all sectors.
The Chinese authorities have intervened numerous times to try to stop speculators selling vulnerable assets.
The most recent move allowed the state pension fund to invest up to 30% of its assets in Chinese stocks.
Since its peak on 12 June, the Shanghai market has lost nearly 40% or around $5.5tn (£3.5tn) of value.
To put this into perspective, total UK GDP output for 2014 was £1.84tn.
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