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The three indexes closed lower three days in a row as investors wrestled with uncertainty over increased signs of a slowdown in China’s economy and the timing of a long-expected interest rate hike by the Federal Reserve.

Mumbai: In its biggest intra-day crash this year, stock market benchmark Sensex plunged by 1,006 points while Nifty fell below 8,000 level in early trade today due to heavy selling by funds amid global sell-off as worries about China’s economy deepen.

The People’s Bank of China reformed the exchange rate formation system on August 11 to better reflect market development in the exchange rate of the Chinese yuan against the US dollar.

The last market correction was four years ago.

The pan-European FTSEurofirst 300 was last down 5 percent at 1,355 points, wiping around 400 billion euros ($460.16 billion) off the index and taking its losses for the month to more than 1 trillion euros. The Nasdaq composite declined 19.76 points, or 0.4 percent, to 4,506.49....

China’s central bank today (Aug 25) cut interest rates and lowered the amount of reserves the country’s banks must hold, cranking up support for a stuttering economy and a plummeting stock market that has sent shockwaves around the globe.

U.S. inflation in the first half of the year was probably “markedly lower” than reported, but policymakers are unlikely to set interest rates incorrectly as a result, according to an analysis published Monday by the San Francisco Federal Reserve Bank. The Fed stepped...

We are not expecting conditions to worsen in China.

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 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.

Anxiety has been growing over the global economy amid lower commodities prices, plunging emerging-market assets and a selloff in both stocks and bonds sold by lower-rated U.S. companies, known as junk bonds.

On continued volatility of the market, Rajan said, “While I don’t want to opine on future directions of markets, I would say, relative to other countries India is in a good position with strengthening growth, low current account deficit, narrowing fiscal deficit,...

Regulators said they would allow the State Pension Fund to invest up to 30 percent of its total net assets in stocks and other equities, but that move was an approval of a policy announced earlier and had no discernable impact on investor sentiment.

As the selling accelerated, some benchmark indexes were at or near 10 per cent below their recent peaks – a “correction” in Wall Street parlance.

Economists interviewed by Reuters said the first interest rate hike in nearly a decade by the Federal Reserve remains possible despite the soft inflation figures since other indicators point to a strengthening economy such us an improving housing sector and tightening labor market.