Stock futures are falling fast: Dow Jones futures are down 1.5%, while the S&P 500 index is 1.4% lower, and the Nasdaq is down 1.6%. If the Hushen 300 declines by over 7 percent, trading is terminated for the day.
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Bryant cooled considerably after that, ending the night with 20 points, and knocking down just seven of his 26 shots. The Lakers (6-27) are the Sixers’ first opponent in this back-to-back set, their eighth of the year.
Calling the falls “ordinary, healthy and rational corrections”, Deng Haiqing of JZ Securities said there is no chance of a repeat of the A-share crash of last summer.
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By the close of the China trading session today, China’s blue-chip stock index – the CSI 300 – fell by 7%.
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The Shenzhen Composite Index, which tracks stocks on China’s second exchange, slumped 8.22 per cent, or 189.75 points, to 2,119.16.
It was the first day that the China markets so-called “circuit breakers”, meant to curb volatility, had been introduced.
And the Paris CAC 40 index shed 2.1 percent to 4,538.6 points, compared with its previous close on Thursday.
The measures are estimated to have cost hundreds of billions of dollars, but worked – Shanghai ended the year up 9.4 per cent, while Shenzhen soared more than 63 per cent. The system is aimed at checking volatility in the Chinese stock market. Beijing is gradually unwinding emergency controls that included a freeze on new stock offerings.
Authorities in China suspended trading on its stock markets in the early afternoon after shares sank seven percent.
The fall-out was felt across the region with the Nikkei in Japan and the Hang Seng in Hong Kong both tumbling 3%. South Korea’s Kospi closed 2.2 percent lower at 1,918.76. Kuwait Stock Exchange also fell by 0.5 per cent.
The Caixin/Markit purchasing managers’ index (PMI) slipped to 48.2 in December, marking the tenth consecutive month of shrinking factory activity in the sector. On Jan 1, China’s first official economic report of 2016 signaled manufacturing weakened for a fifth month, the longest such streak since 2009.
China’s manufacturing industries are facing soft demand from customers as global growth remains weak.
An immediate focus will be on Monday’s ISM survey on United States manufacturing, which is expected to show the sector is still in contraction after hitting a 6-1/2-year low in November.
Saudi Arabia kicked out Iran’s diplomats on Sunday, saying an attack on the Saudi embassy in Tehran by Iranian protesters was the last straw. Escalating tensions between Saudi Arabia and Iran are also adding to worries, according to Robert W. Baird & Co.’s Patrick Spencer.
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Monday’s slumps were triggered by a combination of market factors and fundamentals, analysts said. Brent crude, used to price global oils, rose 48 cents to $38.15 a barrel in London.
