Following a big drop in China's market, global markets started downward Wednesday morning.
From Carlo Piovano, Associated Press:
LONDON — World markets sank Wednesday as investors were spooked by sharp losses in China that strengthened fears stocks are now overpriced after this year's powerful rally. U.S. markets were also set to open lower.
With a lack of new economic data across most of Europe and the U.S., investors focused on the jitters in Asia, where Shanghai's index fell as much as 5 percent on worries that the Chinese government's easy credit policy to support the economy will not fuel a sustainable recovery.
Germany's DAX fell 28.76 points, or 0.6 percent, to 5,221.98 while Britain's FTSE 100 dropped 20.46 points, or 0.4 percent, to 4,665.32. France's CAC-40 fell 11.48 points, or 0.3 percent, to 3,439.21.
