China selloff sparks gloomy 2016 start for stocks

January 4, 2016 5:56 PM

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China selloff sparks gloomy 2016 start for stocks

NEW YORK Global equity markets fell sharply on Monday while gold and bonds rose after a 7-percent slide in Chinese shares, sparked by weak economic data, rekindled worries over global growth on the first day of trading in 2016.

Rising tensions in the Middle East also increased demand for safe-haven assets. Crude prices rose above $38 a barrel at one point as some speculated a breakdown in diplomatic ties between Saudi Arabia and Iran could result in oil supply restrictions.

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