China’s Stock Markets Close for Day After Sharp Fall

Chinese stocks plummeted nearly seven percent Monday – the first day of trading for the new year – prompting a halt to trading for the day on the Shanghai and Shenzhen exchanges.

Poor manufacturing data in the world’s second-largest economy is mainly being blamed for the sharp selloff, along with rising tensions in the Middle East.

Japan’s Nikkei index closed down 3 percent and Hong Kong’s Hang Seng fell more than 2.5 percent.

European markets also opened with declines.

The price of oil rose Monday, mainly over concerns in the Middle East with Saudi Arabia in a tense political dispute with Iran.

Source: Voice of America