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This article is more than 6 year old.

Asian shares turn mixed, but Shanghai lags

Mini

It was a grim picture overnight, with major US stock indexes slumping almost 4 percent each. The S&P 500 lost 3.94 percent to end formally in correction territory, while the Dow Jones Industrial Average and Nasdaq Composite closed down 3.57 and 3.82 percent, respectively.

Share markets in China opened down more than 6 percent early Tuesday, while the rest of Asia turned mixed as investors digested news of a rebound in the Dow Jones Industrial Average futures, whichopened up more than 100 points Monday evening in the US.

Futures for both the S&P 500 and the Nasdaq 100 advanced as well.

However, it was a grim picture overnight, with major US stock indexes slumping almost 4 percent each. The S&P 500 lost 3.94 percent to end formally in correction territory, while the Dow Jones Industrial Average and Nasdaq Composite closed down 3.57 and 3.82 percent, respectively.

Meanwhile, the week-long slump in crude oil gathered pace on Monday, with prices tumbling more than 5 percent to fresh six-and-a-half-year lows.

Benchmark copper on the London Metal Exchange also fell nearly 4 percent to USD 4,855 a tonne overnight, marking a six-year low, after a near 9 percent dive in Chinese equities on Monday elevated nervousness about economic activity and demand prospects in the world's second-biggest economy.

Mainland indices down


China's Shanghai Composite index opened down 6.2 percent at 3,039.2, a day after posting its biggest one-day percentage loss since 2007. According to Reuters, the benchmark index crashed to its lowest level since December 2014.
Among China's other indexes, the blue-chip CSI300 index and the smaller

Shenzhen Composite opened down 6.3 and 6.4 percent, respectively.

In the previous session, the Shanghai bourse nosedived nearly 9 percent, giving up all its gains for the year. Analysts pinpointed the slump at an erosion of faith and confidence among investors, particularly overseas traders.

"Chinese regulators have enormous resources and tools to normalize the market