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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“.

A lot of the FTSE is oil and gas and mining stocks and those are at the mercy of commodity prices, and there’s no knowing where they are going to end up’.

The Asian markets dropped even lower on Thursday in the latest chapter of an ongoing slump which threatens to collapse the entire financial system of China.

The FTSE 100, which had been outperforming its European counterparts for much of the day, dropped further in the afternoon to end 1.8% lower at 6,408.

As it has grown, the sprawling industrial empire Berkshire Hathaway, with holdings in railroads, insurance, retail and manufacturing, has increasingly looked to strike enormous takeovers in order to lift profit and revenue.

In currency markets, the euro was steady against the U.S. dollar at $1.1023.

Buffetts Berkshire Hathaway is buying Precision Castparts Corp. for approximately $32.36 billion, the company announced, Monday, August 10, 2015.