And now European stocks are getting crushed

It’s an ugly start to the week for Europe’s stock markets, all of them are down.

In China, they’re calling it Black Monday. The benchmark Shanghai Composite index collapsed more than 8%, prompting huge sell-offs across all the major European share markets.

Here’s the scorecard so far:

• UK’s FTSE 100: 6012.42 (-2.83%)
• Germany’s DAX: 10,124.52 (-2.93%)
• France’s CAC: 4,630.99 (-3.19%)
• Spain’s IBEX: 10,271.70 (-2.98%)

Commododities are also completely tanking, even gold:

• Brent Crude Oil: 44.33 (-2.49%)
• WTI Crude oil: 39.27 (-2.92%)
• Copper: 2.251 (-2.30%)
• Gold: 1154.60 (-0.54%)

The carnage in Shanghai is being replicated in other mainland Chinese indices.

The CSI 300 and 500 indices, comprising of the 300 and 500-largest firms by market capitalisation in Shanghai and Shenzhen, are lower by 8.82% and 10% respectively.

Earlier in the session the PBOC fixed the USD/CNY rate at 6.3862, down slightly on the 6.389 closing level seen on Friday.

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