Black Monday: China Stocks Lead Global Collapse

AP Photo
The Associated Press

From David Scutt writing at Businesss Insider:

The global market crash continued on Monday, starting with China and then continuing around the world.

Fresh from being slammed by more than 4% on Friday, a sell-off that took weekly losses to more than 10%, Chinese stocks were hammered yet again on Monday.

At the close the benchmark Shanghai Composite index fell 8.492% to 3,209.91, taking its losses from the multiyear peak of 5,178.2 hit on June 12 to 38%.

The Chinese media is dubbing the collapse “Black Monday.”

Other markets in Asia also got hammered, with Hong Kong and Japan both falling 5%. Europe markets continued the rout, with most major indices down 2%-3% in early trading. And US DOW futures were down more than 400 points three hours before the market open.

Read the rest of the story at Business Insider.