‘Black Monday’: £44billion wiped off FTSE 100 as China fears prompt global panic-selling

Our markets reporter Tara Cunningham reports that £44bn has wiped off the value of Britain’s biggest companies after only 2 hours of trading.

The FTSE is currently down 2.8pc at 6,016. Miners continue to be hardest hit, while Mondi and Old Mutual have also suffered due to their exposure to the South African Rand. The South African hit an all time low over night, as concerns over the Chinese economy put further pressure on emerging markets FX.

Augustin Eden, of Accendo Markets, said the lack of reactionary government intervention in the Chinese market has “sent the relatively unsophisticated retail investors that make up the majority of the market packing” .... http://www.davidicke.com