Chinese stocks sink to lowest levels since 2014

AFP Shanghai, China Oct 11, 2018, 01.11 PM(IST)

Representative image. Photograph:( Reuters )

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The benchmark Shanghai Composite Index dropped 5.22 per cent.

Chinese stock markets plunged to their lowest levels in four years on Thursday following a global rout.

The benchmark Shanghai Composite Index dropped 5.22 per cent, or 142.38 points, to 2,583.46, marking the lowest level since November 2014. 

The Shenzhen Composite Index, which tracks stocks on China's second exchange, plummeted 6.45 per cent, or 89.15 points, to 1,293.90, the lowest point since September 2014.

European markets

Europe's main stock markets slid by around 1.5 per cent at the start of trading on Thursday following heavier falls across Asia and on Wall Street.

London's benchmark FTSE 100 index slumped 1.4 per cent to 7,049.31 points compared with Wednesday's closing level.

In the eurozone, Frankfurt's DAX 30 dropped 1.3 per cent to 11,558.98 points and the Paris CAC 40 shed 1.5 per cent to 5,128.22 points.

Trump's 'Fed is crazy' remark

The steep drop in Asia followed Wednesday's plunge in New York, with the Dow Jones dropping nearly 830 points -- the biggest fall since February -- after Trump's latest criticism of the Federal Reserve.

"I think the Fed is making a mistake," Trump told reporters as he arrived for a campaign rally ahead of the US mid-term elections.