World markets suffer as China stocks slide most since 2007

Rt.com reports: “This is a real disaster and it seems nothing can stop it,” Chen Gang, Shanghai-based chief investment officer at Heqitongyi Asset Management Co., told Bloomberg. “If we don’t cut holdings ourselves, the fund faces risk of forced closure. Many newly-started private funds suffered that recently. I hope we can survive.” Asian markets followed China with a broad selloff. The ripple effects are being felt on the European markets. London's FTSE is down 2.71 percent in early trading. Germany’s DAX is losing 2.66 percent, sliding below the 10,000-point mark for the first time since January, as of 09:23 GMT. The European stock markets have continued last week’s negative trend, when 13 out of 18 western European markets lost 10 percent or more, with Germany’s DAX Index down 18 percent. London's FTSE 100 index suffered its biggest weekly drop in 2015, slumping 5.2 percent. Commodities are down across the board with Brent oil trading below $44 per barrel, which is a six-and-a-half-year low. The Russian ruble has fallen to its lowest level against major currencies since February, dragged down by both weak oil and Chinese stocks. The ruble was trading at over 71 rubles against the dollar and 81.78 rubles against the euro as of 09:25 GMT...