Global economic MELTDOWN: European markets tumble amid fears over China slowdown
BRITAIN’s top stock market plunged into the red today as fears over a global financial crisis, China’s slowdown and low growth returned to haunt investors.
By LANA CLEMENTS
Express.co.uk
Mon, Feb 29, 2016
The FTSE 100 was down at about 0.6 per cent by mid-morning, after China stocks closed at their lowest level in a month earlier in the day.
Worries over China’s slowing economy were heightened as the state announced it expects to lay off a staggering 1.8million in the coal and steel sectors after a drop in demand.
Hundreds of loss-making ‘zombie enterprises’ are currently propped up by the Government to avoid job cuts, arguably simply prolonging the inevitable mass lay-offs.
Europe’s top markets were also down this morning, with Germany’s DAX falling by 1.5 per cent and France’s CAC losing 0.75 per cent.
Investors across the world were disappointed by a lack of plans made by politicians over the weekend to ward off a global recession.
It was hoped G20 finance ministers would agree measures to tackle the stagnation that threatens to sink economies across the world when they met at the end of last week.
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