China loses £74 billion on its stock market

It is panic in China as it stock market crashes 8.5%; biggest fall since 2007. In other words FTSE 100 sheds £74 bn.

This means hundreds of billions wiped off world’s financial markets today, as Chinese rout sends shares tumbling in Europe, Asia and the US, as reported by the Guardian.

Jason Ware, chief investment officer at Albion Financial Group in Utah, blamed early losses on “indiscriminate selling” - automatic trading, rather than a considered decision to get out of the market.

The ripples of Chinese crash can be felt in Europe, Asia and the US as shares tumble and US dollar gains. 

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Posted in: Breaking News, China, Losses, Stock Exchange