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The Standard & Poor’s 500 index lost 13 points, or 0.6 percent, to 2,083 and the Nasdaq composite fell 29 points, or 0.6 percent, to 5,030.

Fears that Chinese growth is weakening dragging down the global economy with it are already hammering commodities and world stock markets. For years, investors have been fretting that the market could drop sharply when the central bank starts raising rates.

Hong Kong fell 1.53 per cent, or 347.85 points, to finish the day at 22,409.62 – its lowest point since May 2014 – taking it into a bear market after a more than 20 per cent slump from its April peak. The Nikkei 225 index ended day down 0.9% at 20,033.52 points....

“There’s no shortage of things people can cite, from the movement in currencies, to the weakness in commodities and fears about China“, Lee said. “This is about growth“. Gold futures rose as the selloffs spurred a flight to safety, with the yellow...

Oil has dropped below $40 a barrel for the first time since the end of the global economic crisis.

World markets had already been on edge after China’s surprise devaluation of the yuan last week and a 33 percent fall in its stock markets since mid-year.

Behind that were signs Beijing is struggling to prevent a stall in the world’s second largest economy, and that its actions, like the devaluation of the Yuan last week, was having a negative impact throughout emerging markets and would drag in developed economies as well.

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.

Equities continued to slide across the globe Friday after China released its weakest manufacturing data since the global financial crisis, which accelerated losses in riskier assets.

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...

A private factory gauge unexpectedly fell to the lowest level in more than six years, data Friday showed. At the same time, policy makers also expressed concerns that given recent drops in commodity prices inflation is still too low to justify an interest rate increase.

Strategists and traders, noting the lack of major U.S. economic news on Thursday, said the drop in stocks was also likely tied to programmed selling, which came after the S&P 500 moved below one of its most closely watched indicators, a 200-day moving average.

The Dow Jones Industrial Average closed down 33.84 points, or 0.2%, at 17,511.34, after being off as many as 59 points.

With foreign exchange reserves of around $3.65 trillion, China has plenty of scope to sell dollars and shore up its own currency.

Most shares in the region climbed as China kept its currency steady for a second day.