Chinese stocks plummeted nearly 7 percent Monday – on the first day of trading for the new year in China – prompting a halt to trading for the day on the Shanghai and Shenzhen exchanges.

European markets followed Asia’s lead, opening lower, with Germany’s DAX down more than four percent and the FTSE in London more than two percent lower.

Poor manufacturing data in China, the world’s second-largest economy is mainly being blamed for the sharp sell-off, along with rising tensions in the Middle East.

Japan’s Nikkei index closed down 3 percent and Hong Kong’s Hang Seng fell more than 2.5 percent.

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Source : VOANews.Com