The value of shares on the Chinese stock exchange has plunged further this Monday in the biggest dive since before the financial crisis. The trend-setting Shanghai Composite closed at negative 8.5 percent and the vast majority of the decline occurred in the last hour of trade. This is the biggest drop for the Shanghai index since February 2007, reports news agency Ritzau Finans.
Part of the explanation for the massive financial unrest seems to be increased uncertainty about the economic development in China, which especially the already very pressured dry bulk carriers keeps a worried eye on. The Chinese players are focusing again on the slowdown in national growth. While Friday offered disappointingly low PMI numbers, the drop on Monday in profit from Chinese industry of 0.3 percent in June is the cause for concern.
Already a subscriber? Log in.
Read the whole article
Get 14 days free access.
No credit card required.
- Access all locked articles
- Receive our daily newsletters
- Access our app
Get full access for you and your coworkers.Start a free company trial today
Your trial for ShippingWatch has now started
With your free trial you get:
Full access to all locked articles on ShippingWatch.
Daily newsletter and ongoing top-newsletters. You can unsubscribe and subscribe to our newsletters anytime.
When your trial period expires
You will not be transferred to a paid subscription.
You will continue to receive our newsletters after the trial period expires. You can unsubscribe at the bottom of each newsletter.