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

by Alex Eppstein

Published on 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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