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Global shares plunge as Chinese losses rattle markets

Stock markets in London, Paris and Frankfurt have fallen sharply as fears of a Chinese economic slowdown continue to haunt investors.
London's FTSE 100 index was down by 2.6% in morning trade, with major markets in France and Germany also falling by a similar amount.
Shares in Asia were hit overnight, with the Shanghai Composite in China closing down 8.5%, its worst close since 2007.
Global investors worry about growth in the world's second largest economy.
China's central bank devalued the country's currency, the yuan, two weeks ago, raising fresh concerns that a slowdown in the country's economy was worse than originally feared.
Currencies and commodities are also falling sharply, because those markets rely heavily on strong demand from China.
Analysis: Karishma Vaswani, Asia business correspondent
Beijing's official mouthpiece has called it China's "Black Monday".
The Shanghai Composite tumbled by 8.5%, its biggest fall since 2007. That plunge wiped out this year's gains as investors refused to buy into the Chinese government's repeated attempts to shore up confidence.
Everyone wants to know what the Chinese government is going to do next to shore up shares and confidence in the economy.
The smart money is on the central bank reducing interest rates and injecting a semblance of consumer confidence into the markets.
That is what many had hoped would happen over the weekend.
But at each point in what appears to be an ever-deepening Chinese slowdown, the government has seemed slow to react.
'Uncertainty ahead'
Without strong reassurances from officials in China, investors have not had much reason to buy.
Selling that started earlier this summer has gained momentum, experts say.
"It does appear that we're moving very quickly to the downside," said David Madden, market analyst at IG.
Widespread investor fears about the sharp drops in Asia were exacerbated by thin trading volumes in Europe, with many investors away on holiday.
"I think more uncertainty lies ahead," Mr Madden said.
Investors might have to wait for several weeks for bargain hunters to come into the market to lift stocks.
Global sell-off
Beijing's latest intervention, to allow its main state pension fund to invest in the stock market, failed to calm traders' fears, both in China and abroad.
Over the past week, the Shanghai index fell 12%, adding up to a 30% drop since the middle of June.
The sharp fall sparked a global sell-off, with the Dow Jones in the US losing 6%, while the FTSE 100 posted its biggest weekly loss this year, of 5%.
Earlier this month, the Chinese central bank devalued the yuan in an attempt to boost exports.
European investors worry that a cheaper Chinese currency will make European exports less competitive.
In other developments:
South Africa's currency has fallen to an all-time low against the US dollar, dragged lower by worries about slowing growth in the world's second-largest economy.
In addition, oil prices have plunged to six-year lows, amid concerns about waning demand for commodities from China.
Lower oil prices and worries about China are weighing on the Russian rouble, which is trading at 11.74 against the British pound.
India's benchmark BSE index fell more than 5% on Monday to its lowest level in a year.