China Stock Market Crash Deepens

China's stock market again saw massive declines despite unprecedented measures by the country's government to stem the decline. The Hang Seng fell 5.8% and the SSE Comp fell 5.9% and the CSI index dropped 6.8%. In Japan, the Nikkei 225 fell 3%.

Nomura noted incremental intervention measures were announced, including higher margin requirements on CSI Index futures, a trading halt on more than 1300 stocks (40% of China's total market capitalisation) and reports that the China Securities Finance Corp is seeking at least CNY500bn of liquidity support from the People's Bank of China.

In addition, the concerns over the impact of the equity sell-off seem to have spread to commodity markets: iron ore prices are down over 15% this month and copper prices have fallen by about 7% this week.

U.S. stock futures are indicated lower amid the rout in China and continued concerns in Greece. Dow futures are down 127, S&P 500 futures are down 15 and Nasdaq futures are down 33.

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