Global shares tumbled for a sixth day on Thursday and oil prices slid to levels not seen since the early 2000s, after China guided the yuan lower and Shanghai shares tumbled by 7 per cent, igniting fears of competitive devaluations across Asia. Less than half an hour after the market opened, >Chinese stock trading was suspended for a second time this week. Brent crude prices skidded over 5 per cent to an almost-12-year-low of $32.16, with worries over weaker demand from China adding to a persistent drag on prices caused by oversupply and near-record output levels. European stock markets followed Asia lower, with the pan-European FTSEurofirst 300 index down 2.3 per cent and the euro zone's blue-chip Euro STOXX index falling 2.5 per cent. MCCI's 46-country All World index fell 1 per cent to hit a three-month low, the sixth straight day of losses. The benchmark emerging stock index slid 2.5 per cent to a 6 1/2-year low as investors dumped risky assets. "It's looking pretty ugly," said Hedge Fund Manager and Chief Investment Officer Andreas Clenow at ACIES Asset Management in Zurich. "We've been scaling down equity positions. It's time to take a step back to re-evaluate the situation."… Read full this story
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