Europe Falls 3% After Chinese Market Sheds 8.5%

European markets opened sharply lower Monday, August 24, setting up a fourth, consecutive day of losses after Asian markets collapsed overnight led by a huge sell off in Chinese shares. China’s Shanghai Composite Index tumbled more than 8.5% posting its biggest one-day loss in percentage terms since the 2007 global financial crisis. Europe’s main markets opened about 3% lower, with not a single member of London’s FTSE100, Frankfurt’s DAX or Paris’s CAC40 in positive territory during the morning session. The biggest fallers were companies with exposure to China, including London-listed mining companies BHP Billiton, down 5.6%, and Anglo American, down 4.75%. The world’s biggest steel maker ArcelorMittal also had a torrid opening session, falling 5% on fears of a downturn in Chinese demand.