The actions enclosures Chinese contributions are fell more than 8% Monday, the biggest daily drop in more than eight years, after a rebound driven by the government depleted by a new wave of sales, concerns about the economic health and the fear that Beijing stop easing monetary policy.
The CSI300 index of top shares listed on stock Shanghai and Shenzhen fell 8.6%, to be on 3818.73 points, while the Shanghai Composite Index lost a 8.5%, <. / b> to settle at 3725.56 units
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The final declines were the largest since the 27 February 2007 “The recent rally was fast and strong, so was the need for a technical correction” said Yang Hai, Kaiiyuan Securities strategist.
Hai said the trigger was “a US market withered amid growing expectations of an increase in interest rates by the Fed in the fourth quarter. That, coupled with rising pork prices in China, has fueled concerns that China would refrain from easing monetary policy further “.
Earlier on Monday, the fund manager Yang Delong China Southern Asset Management wrote to his clients: “A quick rebound post crash in the main actions mainland China has finished and the market has entered a period of fluctuations, with investor sentiment increasingly unstable. “
The investor sentiment soured by data official disclosed Monday that showed that profits industrial China fell 0.3% in June over the same month of 2014, reversing a 0.6% rise in May.
This increases pressure on an economy that is struggling to regain momentum after the data reported Friday showed the manufacturing sector China shrank in July weakest level in 15 months.
This succession of bad news for the Chinese business world counteract government efforts to revive the stock market, after suffering other spectacular falls for the recent weeks.
Europe also falls
European shares also began the week with a negative tone, heading to his fifth straight daily decline, after fears about the growth prospects in China overshadowed some corporate results that beat expectations.
The index pan-European FTSEurofirst 300 was down 1.4% at 07:22 GMT, while the benchmarks Paris and Frankfurt suffered declines of around 1 percent. The British bags behaved slightly better, with a rebound in the mining sector after a volatile week, although the metal prices continue Minimum hovering over several years.
“The higher of the falls come from China (…). European markets are being affected, “said Markus Huber, operator Peregrine & amp;. Black
” I think many people think that China will continue to slow, and that deceleration is not discounted by the time European markets, “he said.
UBS shares fell 1.7% despite a profit that beat expectations, while Valeo also fell despite a rise of recommendation.
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