A nearly 8pc plunge on the Shanghai composite index was its biggest daily fall in more than four years. The Chinese yuan blew past the 7-per-dollar mark and Shanghai-traded commodities from palm oil to copper hit their maximum down limits. The People's Bank of China (PBOC) said the stocks plunge had irrational or even panic elements, triggered by herd behaviour, in a newspaper commentary published after markets closed. Cities like Wuhan, where the virus originated, remain in virtual lockdown and China faces mounting international isolation. "At this point, we don't see this as a buying opportunity," said Invesco's David Chao, a global market strategist for Asia ex-Japan.

Source: Irish Independent February 03, 2020 09:11 UTC