China's markets experienced their largest single-day decline since 2008, with the Hang Seng index plummeting 9.41%. This has raised significant concerns among global investors.
Despite China's market woes, U.S. tech stocks showed resilience, particularly the 'Magnificent Seven,' with Nvidia rising 4.1%, helping maintain gains across major U.S. indexes.
European markets, reacting to China's decline, were negatively impacted, especially luxury goods, where major brands like LVMH and Kering faced substantial losses in shares.
Beijing's stimulus plans failed to impress investors. Although the Shanghai market initially surged by 10%, it reduced gains to just 4.59% by the close.
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