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October U.S. crude was down 87 cents or 2.1% at $40.44 per barrel having at one time touched a low of 6 ½ years at $39.86 per barrel during the day. At the same time the global benchmark Brent fell 2.5% down to $45.46 per barrel.

US crude oil fell towards $40 a barrel on Thursday after overnight data surprised analysts with a jump in US oil inventories.

A “correction” is a Wall Street term for when an index like the Dow industrials or the Nasdaq – or an individual stock – falls 10 percent from its most-recent high. Crude oil briefly dipped below $40 a barrel for the first time since March of 2009.

Manufacturing unit manufacturing on the earth’s second-largest financial system shrank at its quickest price this month in greater than six years, fueling considerations that China’s sudden slowing could have far-reaching results across the globe. The new bout of...

The rout started in Asia and quickly spread to Europe, battering major markets in Germany and France. “And this something has to translate into a weaker U.S. dollar“.

MSCI’s emerging markets index was at its weakest in four years, off 2.16%, while the firm’s all-country world stock index fell 2.7%.

It said in a note: “We believe demand and supply fundamentals remain solid and expect prices to recover further once markets have digested the first Fed move”.

Particularly with uncertainty about the Chinese currency, “people are saying this is risk, and we step away from the market“. “Even then, the dependent question mark over growth will linger”.

European stocks fell into a correction on Friday, with a dismal week for the market rounding off with downbeat data from China and Greece facing a snap election.

“While this is a clear sign that low prices will lead to less production, it was not enough to convince people yesterday”, Commerzbank senior oil analyst Carsten Fritsch said. Meanwhile, Nymex September West Texas Intermediate Crude dropped 4.7 per cent, or $2.02, to...

Having been outperformed by their larger peers earlier in the session, small-cap stocks roared higher in afternoon trade, with the CSI 500, Shenzhen Composite, and tech-heavy ChiNext indices all finishing with gains in excess of 2%.

PetroChina Co. paced losses for energy companies as oil extended its decline from the lowest close in more than six years.

A cheaper yuan is expected to aid exports for the world’s second-largest economy but also underlined concerns about the current status of the Chinese economy.

“Only the “national team”… would be able to turn the tide like this”, said Yingda Securities analyst Li Daxiao, referring to entities acting for the government.

Apple (Swiss: AAPL.SW – news), for whom China is a key market, fell 0.5 percent to 116.60 and was the biggest drag on the Nasdaq and the S&P 500.