Chinese Stocks Sink, With Shanghai Down 6.6%; Other Markets Mostly Higher

Chinese shares plunged on Wednesday, with Shanghai’s benchmark down 6.6% and Hong Kong’s falling 1.5%, while other global markets mostly advanced, Zimo Zhong reported for the Associated Press (AP).

The CSI 300 Index, which tracks the top 300 stocks traded on the Shanghai and Shenzhen markets, fell by 7.1%.

European stocks opened flat. France’s CAC 40 rose 0.2% to 7,538.08, and Germany’s DAX remained steady at 19,070.69. Britain’s FTSE 100 climbed 0.5% to 8,227.54.

Futures for the S&P 500 were down 0.3%, and those for the Dow Jones Industrial Average fell 0.2%. The Shanghai Composite dropped 6.6% to 3,258.86 after gaining 4.6% on Tuesday as it reopened from a weeklong national holiday.

The CSI 300 Index, which tracks the top 300 stocks traded on the Shanghai and Shenzhen markets, fell by 7.1%.

In Tokyo, the Nikkei 225 index advanced 0.9% to 39,277.96. Shares of the Japanese retailer Seven & i Holdings gained 4.7% after media reported that Canadian convenience store operator Alimentation Couche-Tard had increased its takeover bid by about 20%.

Australia’s S&P/ASX 200 rose 0.1% to 8,187.40. South Korea’s markets were closed for a public holiday.