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The benchmark Shanghai Composite Index fell 8.5 percent, its biggest one-day loss since February 2007.

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.

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....

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.

The stock market’s steep decline this week has pushed the Dow Jones industrial average into what is known as “correction” territory.

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.

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“.

Relatively few Chinese are invested in the stock market, and the vast majority of Chinese companies still have access to financing.

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.

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’.

Sales amounted to $17.43 billion, compared to the consensus estimate of $17.4 billion.

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.