Update | From Asia to Wall Street: China’s stock market meltdown goes global in one of the worst trading days for eight years
Investors spooked as big stocks sell-offs in the mainland hit US and European markets while Dow Jones falls 1,000 points at opening of trade
Investors had nowhere to hide as panic selling in mainland and Hong Kong stocks markets spread to the US and Europe, with the Dow Jones yesterday losing an unprecedented 1,000 points at the opening Bell.
The S&P 500 Index was down nearly 2.5 per cent, paring an opening drop of 5.3 per cent as Wall Street continued to reel from the shock in China.
Alibaba was among the major names that tumbled in the US market. Its shares fell nearly 5 per cent, sliding below their initial public offering price of US$68 for the first time, a far cry from the US$119.15 in November.
The global sell-off began in the morning when US$692 billion was wiped off mainland and Hong Kong benchmark indices in one of the worst trading days for eight years.