Renewed Selling in Chinese Equities Roiled Global Markets

Global stock market declined as driven by the resumed selloff in China. China's CSI 300 Index plummeted -8.5%, triggered by weaker-than-expected industrial profits which dropped -0.3% y/y in June after gaining +0.6% y/y in May, and surprisingly low. The benchmark index for the Eurozone fell more than -2%, although macroeconomic data came in better than expected. In the same vein, Wall Street dropped with DJIA and S&P 500 indices losing -0.73% and -0.58% respectively.

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