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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Facebook drops below float price

Shares in Facebook closed well below the price at which they were floated amid doubts that the newly-listed company can live up to expectations.

The shares debuted on the Nasdaq stock exchange at $38 each on Friday, but ended 11% down on Monday.

Some analysts said the shares would have fallen on Friday had not underwriters stepped in to buy stock. Critics say Facebook's advisers have set the price too high, although others argue that it is too early to tell.

The company's shares fell about 12% immediately the Nasdaq opened, and hovered around 9%-10% down for most of the day until a late bout of selling.

Read more: BBC News

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