Global markets are hemorrhaging. How many more band-aids can be put on a wound that is somehow only delaying the death of the patient?
Britain’s leading share index fell to 6,286 points on Friday morning immediately after opening, a decline of 1.26%.
The drop mirrored stock markets across Asia-Pacific after they went into “panic mode” when further signs of a weakening Chinese economy compounded overnight losses on Wall Street and European bourses.
China’s factory sector shrank at its fastest pace in more than six years in August as domestic and export demand dwindled, a private survey showed, adding to worries that the world’s second-largest economy may be slowing sharply and sending financial markets into a tailspin.
China’s surprise devaluation of the yuan and heavy selling in its stock markets in recent weeks have sparked fears that it could be at risk of a hard landing, which would hammer world growth. Continue reading