China Market Collapse Economy

China halts trading after 7 percent plunge

SEOUL, South Korea (AP) — China’s Shanghai index has plunged nearly 7 percent.

The Shanghai Composite Index dived 6.9 percent to 3,296.66 on Monday, the first trading day of 2016.

The index was at the lowest level in nearly three months.

The official Xinhua News Agency said China halted trading on the Shanghai and Shenzhen stock markets after shares tumbled.

Poor Chinese manufacturing data and escalating tensions in the Middle East weighed on Asian markets. Oil prices rose.

Japan’s Nikkei 225 tumbled more than 3 percent while Hong Kong’s Hang Seng retreated about 3 percent.

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