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Volatile New Year markets: European shares plunge after slump of Chinese stocks

The New Year has got off to a bumpy start on the stock markets, as weak Chinese data dampens global confidence. European shares fell sharply as

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Volatile New Year markets: European shares plunge after slump of Chinese stocks

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The New Year has got off to a bumpy start on the stock markets, as weak Chinese data dampens global confidence.

European shares fell sharply as trading got underway on Monday morning, with Germany’s DAX soon tumbling more than 3 percent.

Shares in London and Paris also sunk at opening while the pan-European FTSEurofirst 300 index fell 2.3 percent, its worst one-day drop since a 3.3 percent decline on December 3.

Asian shares and currencies also fell after Chinese stock markets tumbled 7 percent in their opening session of 2016.

It comes as weak factory activity surveys and falls in the yuan added to concerns about the struggling economy, forcing exchanges to suspend trade for the first time.