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Shares in banks and asset managers also fell, and the Euro STOXX Volatility Index rose to its highest since late 2011 – more evidence of investor unease.

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.

Shanghai: Shanghai stocks tumbled 6.41 per cent in early trading on Tuesday, extending the worst plunge for eight years after worries China’s faltering economy could hurt global growth sent world markets nosediving.

The cause of the global market volatility centres on fears that the world’s second biggest economy is slowing. “And I don’t see any signs of meaningful government intervention”.

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.

The benchmark S&P index has accumulated 9.95 percent of losses in just five sessions.

The New York Stock Exchange invoked a rule saying market makers don’t have to disseminate price indications before the opening bell in an effort to make it easier and faster to open stocks on a volatile trading day.

The New York Stock Exchange invoked a rule saying market makers don’t have to disseminate price indications before the opening bell in an effort to make it easier and faster to open stocks on a volatile trading day.

The online retailer posted an unexpected quarterly profit and its market cap ballooned to $247 billion, making it the 10th-largest U.S. company by market value. European benchmarks rose as talks began in Athens for Greece’s bailout.