European stocks tumble after China rout

Panic selling gripped European stock markets on Monday after Chinese shares sank deeper, posting their largest intra-day fall since 2007 on worries that the Asian powerhouse is in for a hard landing.

European stock markets slumped in opening deals on Monday, with London’s benchmark FTSE 100 index of top blue-chip companies diving 2.62 percent to 6,025 points, while Frankfurt’s DAX 30 sank 3.15 percent to 9,805 points. The CAC 40 index in Paris shed 3.57 percent to open at 4,465 points.

The selloff in Europe came after Chinese shares saw all of their gains this year wiped out following a massive rout on the Shanghai Stock Exchange. On Monday, the Shanghai Composite index closed 8.49 percent down at 3,209 points.

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Source News: DW