The Shanghai index suffers biggest one-day fall in eight years. And China’s fall drags Hong Kong stocks back among Asia’s cheapest.
“Oil hit four-month lows after the Chinese stock crash fueled worries the world’s biggest energy consumer may cut back and as more evidence emerged of a global crude supply glut.
Brent crude oil settled down at $53.47 a barrel, after falling to as low as $52.90, its lowest since mid-March.”
And of course, the US$26 trillion debt problem does not help China to stay competitive!