It truly was a rout on the Shanghai market to start the week, with the key index crashing 8.5%. The sell-off spread to other already wary markets in the region through the day.
Black Monday in the finance world, many readers will be aware, is a term usually used to refer to the events of 19th October 1987, when the Dow Jones Industrial Average plunged 23% in a single day’s trade.
The naming of today’s events appears to have started with this tweet that appeared on the Twitter feed of Chinese state media agency Xinhua. The sketch shows a crudely-drawn cartoon bull haplessly being washed down through some kind of rudimentary water park ride with a 3300 mark (the level the Shanghai Composite index broke today).
It’s also emblazoned with a large downward pointing arrow and some more helpful text in the drawing and the copy of the tweet, in case you missed the point:
— China Xinhua News (@XHNews) August 24, 2015
This appeared on the Xinhua news feed halfway through today’s trading session.
The name looks like it’s starting to stick, so it’s worth noting that this seems to be the first reference from Chinese media to Black Monday today.