"Markets are panicking. Things are starting look like the Asian financial crisis in the late 1990s. Speculators are selling assets that seem the most vulnerable," Takako Masai, head of research at Shinsei Bank in Tokyo told Reuters.
The Shanghai Composite is basically crashing right now.
It's DOWN almost 9%: http://t.co/Lx0MLuU8T1 $FXI #China pic.twitter.com/FbQQpZQUwe — StockTwits (@StockTwits) August 24, 2015
Biggest drop since 1990!Taiwan's Taiex down 7.2% — Patrick McGee (@PatrickMcGee_) August 24, 2015
Taiwan stock market had its biggest plunge in 25 years.
— Eddy Elfenbein (@EddyElfenbein) August 24, 2015
The slump comes as Chinese authorities announced measures to help boost the stock market, including allowing state pension funds to invest in shares. Local governments will now be able to invest up to 30 per cent of their pension funds into shares listed on Chinese stock markets. Earlier this month the Chinese central bank devalued the yuan to help boost exports. Read more: China's economic slowdown – State pension fund allowed to invest in stock market for first time The Chinese economy has grown by just seven per cent over the second quarter of 2015, slower than any time during the financial crisis. On Friday the Shanghai Composite closed four per cent down, following more disappointing manufacturing data. Over the past week, China’s Shanghai Composite has fallen 12 per cent. Read more: FTSE hits 2015 low as China stocks plummet after sharp contraction in manufacturing On Friday, American stock markets closed in the red over global growth concerns. The Dow and S&P 500 closed 3.12 and 3.19 per cent down respectively. This morning futures were heading south.
Sure I remember 2015. That's when the global financial crisis started in Kazakhstan.— Eddy Elfenbein (@EddyElfenbein) August 24, 2015