Asia Stocks Continue to Plummet
August 23rd, 2015Via: Reuters:
Asian stocks dived to 3-year lows on Monday as a rout in Chinese equities gathered pace, hastening an exodus from riskier assets as fears of a China-led global economic slowdown roiled world markets.
Safe-haven government bonds and the yen rallied on the widespread unrest in the financial markets, set in motion nearly two weeks ago when China sharply devalued the yuan and stoked concerns about the state of its economy.
Copper, seen as a barometer of global demand, tumbled to 6-1/2-year lows as the anxiety over China sapped investor confidence.
Bourses from Japan to Malaysia were hit hard as Chinese stocks plummeted immediately after the open on Monday, with investors failing to take heart from the formalization of rules over the weekend allowing pension funds to invest in the stock market.
