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Robert Kleinhenz, chief economist with the Los Angeles County Economic Development Corp., agreed.

An index is said to be in correction when it closes 10 per cent or more below its 52-week high. All major bourses were off a similar amount.

The US stock market has rebounded slightly following an early trading plunge in the wake of a big drop in Chinese stocks. Minutes after the opening bell Monday, the major indices tumbled wildly, making Friday’s 530-point sell-off in the Dow look like a minor blip, but...

Shares in banks and asset managers also fell, and the Euro STOXX Volatility Index rose to its highest since late 2011 – more evidence of investor unease.

It also increased the amount of money available for lending by reducing the minimum reserves banks are required to hold by 0.5%.

China has sought to calm its panic-stricken stock markets by cutting interest rates and loosening constraints on bank lending after a second day of plunging share prices.

The British lobbying body is forecasting 2.6 percent growth for 2015 and 2.8 percent for 2016, up from its June’s projections of 2.4 percent and 2.5 percent respectively.

The STOXX 600 Basic Resources Index, whose constituents are mostly mining stocks, and the energy sector fell 10 % and 8.8 % respectively, as commodities slumped to multi-year lows, with China being one of the world’s biggest users of metals and oil.

Brent oil closed at a $4.45 premium to West Texas Intermediate, the U.S. benchmark.

“There is no end in sight to the nose-dive that oil prices have been experiencing”, Carsten Fritsch, an analyst at Commerzbank AG in Frankfurt, said in a report. A stronger greenback makes dollar-priced oil more expensive for buyers using weaker currencies, denting demand.

The tumult began when the Dow opened Monday with a 1,000-point nosedive.

The daily said that market capitalisation fell by Rs. “This is the biggest one-day slump in China since 2007”.

The benchmark S&P index has accumulated 9.95 percent of losses in just five sessions.

U.S. stock indices had gone almost 1,000 days without a 10 percent decline from their recent peaks, an unusually long stretch given that corrections usually happen once a year on average.

The dollar index, which measures its performance against a basket of six major currencies, fell 0.9pc to its lowest in two months.