27th July 2015
Stocks in China plummeted on Monday as government efforts to stem a market rout showed signs of breaking.
The Shanghai Composite Index tumbled 8.5 per cent to record its biggest one-day loss since 2007.
More than 1,700 stocks fell by the maximum daily limit of ten per cent, threatening to undo a 16 per cent rally since Beijing stepped in to prevent a collapse earlier this month.
Stocks in China fell rapidly through to July 8th, prompting the government to unleash an unprecedented stimulus package and take extraordinary short-term measures such as banning major shareholders from selling stakes.
Commodity prices also took a clobbering, with copper hitting a fresh six-year low and US light crude slipping below $48 a barrel.
Meanwhile, the dollar fell against the euro and the yen before the Federal Reserve meeting later this week.
Investors are also looking ahead to key earnings releases this week from Facebook and Twitter.
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