July 08, 2015

"Today is all about China, with Greece in the background now that it's been given a new deadline..."

Reuters "Shanghai's early losses were like a cliff-dive, which had a huge impact on investor sentiment." By Lisa Twaronite

'Asian shares tumbled to a 1 1/2-year low on Wednesday and the safe-haven yen rallied as Chinese stocks struggled to pull out of a tailspin, shaking investors already rattled by Greece's debt crisis.

'The drop in China extended a savage correction that has clipped 30 percent off Chinese shares since mid-June, threatening a new blow to the country's already slowing economy despite a slew of market support steps from Beijing.

'MSCI's broadest index of Asia-Pacific shares outside Japan wallowed at its lowest level since February 2014, extending its early losses after Chinese shares opened sharply lower. It was last down 2.7 percent.'

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