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Paris stock market drops 3.57 percent at open

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Paris stock market drops 3.57 percent at open
A trader speaks on the phone in front of a screen showing the CAC 40, a benchmark French stock market index. Photo: AFP
09:48 CEST+02:00
The Paris stock market index suffered a steep fall as trading opened on Monday morning, following a major slump in China which has affected markets across the globe.
The Paris stock market loss in value shadowed sharp falls in Asian markets that opened earlier on Monday.
 
Several Chinese indices fell by around eight percent in early trading, while bourses in Hong Kong, Taiwan and Japan were also hit hard.
 
The Tokyo-based Nikkei index fell by 3.21 percent in morning trading to below 19,000 points, its lowest point in the last five months.
 
China struggles to contain fears
 
Market observers have been watching China anxiously for weeks as the country suffers an abrupt slowdown in economic growth.
 
The latest loss of value comes in spite of massive Chinese government efforts in recent weeks to shore up markets in the country.
 
Shanghai's stock market has now lost all of the value it had added in the course of 2015.
 
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