Chinese stocks plunge more than 6%
China’s Shanghai composite index plunged more than 6% Thursday — its biggest one-day drop in a month — amid ongoing fears about the health of the world’s second largest economy. The benchmark dived 6.4% to 2,741.25, days before finance ministers from the Group of 20 major rich and developing economies meet in Shanghai.
Other Asian stocks were mixed — Japan’s Nikkei 225 rose 1.4% to finish at 16,140.34 while Hong Kong’s Hang Seng was 1.6% lower at 18,888.75. South Korea’s Kospi gained 0.3% to 1,918.57. Australia’s S&P/ASX 200 inched 0.1% higher to close at 4,881.20. U.S. stock futures were around 0.2% higher Thursday. U.S. crude was down 1.3% at $31.74 a barrel and Brent crude was 1.5% lower at $33.91 a barrel at around 5 a.m. ET.
European stocks were higher with Germany’s DAX up 0.7%, France’s CAC 40 1.4% higher and Britain’s FTSE 100 up 1.8%. Wall Street pulled out of an early slide to close higher Wednesday. Investors are hoping the G20 meeting on Friday and Saturday will spur moves to shore up global growth.