Overseas Trading: China Spirals Lower on Weak Manufacturing Data

Chinese stocks got drilled by weak manufacturing data, while traders in Europe are jittery over Greece's looming snap election

Aug 21, 2015 at 8:24 AM

Stocks in Asia got battered once again, following the lead of U.S. markets. China's Shanghai Composite plummeted 4.3%, with losses exacerbated by a drop in the final Caixin/Markit purchasing managers manufacturing index (PMI) -- which hit a new six-year low. Elsewhere, Hong Kong's Hang Seng dropped 1.5% to flirt with annual lows, and Japan's Nikkei plunged 3% on a stronger yen, taking out the 20,000 millennium level. Lastly, South Korea's Kospi continued to reel amid heightening tensions with North Korea, closing 2% lower.

European equities are struggling at midday, with traders nervous about China's continued slide and an upcoming snap election in Greece -- which has effectively overshadowed solid eurozone PMI data. The German DAX was last seen 1% lower, following a third straight monthly fall in consumer confidence. London's FTSE 100 and the French CAC 40 are down 1.1% and 1%, respectively.

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