Today the shanghai stock market crash sold off 8% in a huge slide on worries
Chinese stocks led the sell-off in Asia on Monday, following declines offshore and as the fall in commodity prices, questionable growth in the mainland sapped risk appetite.
As The shanghai stock market crash took place, investors, are watching the Federal Reserve's two-day policy meeting starting tomorrow as the Federal Reserve moves closer to raising interest rates.
Meanwhile, U.S. crude for September delivery fell 14 cents at $48 a barrel and Brent crude futures for September delivery dropped 4 cents to $54.58 on the back of renewed oversupply concerns after data showed U.S. drilling activity increased last week.
China's benchmark Shanghai Composite index nearly quadrupled declines in the afternoon session to end sharply lower at a three-week low, as official data showed the country's industrial profits declined 0.3 percent year-on-year in June, compared with a 0.6 percent rise in May and 2.6 percent gain in April.
On Friday, the Shanghai bourse snapped a six-session winning streak after the preliminary China Caixin purchasing managers index (PMI) surprised markets by dropping to a 15-month low in July.
Intense selling unfolded in the energy, property and brokerage counters; China Oilfield Services, Sinopec and PetroChina closed down by the daily limit of 10 percent each, while Poly Real Estate and Gemdale also shaved off 10 percent each.
Securities firms such as Citic Securities, Haitong Securities and China Merchants Securities slumped the daily maximum allowable of 10 percent each.
According to Fidelity Worldwide Investment, the wild rollercoaster ride that plagued mainland markets last month may not be over.
In the short term, sentiment is still quite negative and there are concerns about what the policymakers will do next. We don't think the stock market rout is over yet [as] there are concerns on investors' minds that policymakers will come in and do something similar again,
Below on the shanghai chart you can see the shanghai stock market crash by the end of the day. Lots of people were in PANIC MODE!....
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