Chinese shares plummeted more than eight percent within an hour of trade on Monday in the face of a global sell-off, despite Beijing authorising its state pension fund to invest in stocks in its latest attempt to shore up markets.
An overnight slump in the Nikkei index in Japan of three percent brought storm clouds to the European markets on Tuesday, 6, January, 2015, following a tough Monday for traders as the holiday bubble burst.
The Dow Jones industrial average jumped above 17,000 for the first time after the government reported a surge in hiring in June 2014, which was much bigger than investors and economists were expecting.
Giant Chinese online retailer Alibaba is hoping to raise more than $15bn when it floats later this year. The amount would trump Facebook’s record, set in 2012. By choosing New York to go public, the company ends months of speculation and dashes the hopes of Hong Kong, the previous favourite.