China Stock Carnage Day II

china dive

Photo: Singapore 2010 Youth Olympic Games

Chinese stocks are way down today, building on fears that a hard landing is ahead.This poses a major concern for hedge funds which made sizable investments in Chinese companies.

Further signs that people are ultra-nervous: Chinese sovereign CDS have hit their highest level in 2 years.

As for some big US names:

BIDU: -7.50%

SINA: -4.15%

SOHU: -7.15%

YOKU: -5.30%

CEO: -3.47%

SNP:-0.90%

PTR: -0.63%

Also suffering are stocks with close ties to China. Wynn Resorts Ltd., which has major properties in Macau, is down a full 9.37%.

DON’T MISS: Why everyone’s freaking out about China right now >

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at research.businessinsider.com.au.